The oil production cuts are the largest ever made, four times greater than during the 2008 financial crisis.

The purpose is to limit the repercussions of the corona virus, which has reduced the demand for oil and pushed down the price.

Trump: "Will save hundreds of thousands of jobs"

"This will save hundreds of thousands of jobs in the energy sector in the United States," US President Donald Trump tweeted on Sunday when the deal was reached. He thanked Russian President Vladimir Putin and Saudi Arabia's King Salman for helping to get through the agreement.

The decrease will correspond to around ten percent of global oil production.

With effective measures and assistance from oil producers outside Opec, such as the United States; In Canada, Brazil and Norway, the cuts could reach up to 20 percent, Reuters sources say.