OPEC, Russia and other oil-producing countries including the US, Canada, Mexico, Brazil and Norway agreed to cut production by 9.7 million barrels per day on Sunday, after 4 days of intense discussions. Talks almost fell apart last week after Mexico left the OPEC+ meeting, refusing to cut as deeply as required under the new deal, but President Trump intervened and helped with the impasse.

It is the biggest production cut in history amid a slump in global demand due to the coronavirus pandemic and aimed at ending the price war between Riyadh and Moscow. Crude oil production will be cut by 9.7 million barrels per day starting on May 1st and until June 30th; by 7.7 million barrels per day from June to December; and by 5.8 million barrels per day from January of 2021 through April of 2022.