The historic deal was agreed on by all OPEC and non-OPEC producers participating in the conference, with the exception of Mexico.
Both Brent and WTI futures are in bear market territory, down 53% and 63% respectively since climbing to a January peak. Oil markets are closed on Good Friday., but many are concerned it won't be enough to prop up prices with the market already awash with crude as the coronavirus crisis ravages global demand.
For the subsequent six months, OPEC+ said in a statement that from July 1 through to December 2020, the total adjustment agreed would amount to a cut of 8 million barrels per day. Following Thursday's emergency meeting, Mexico's Secretary of Energy Rocio Nahle said in a tweet that the country would be willing to cut production by 100,000 barrels per day for the next two months. OPEC+ had reportedly asked for a cut of 400,000 barrels per day, according to Reuters.
OPEC+ has urged major producers, including the U.S., to sign up to further production cuts in an effort to help the industry cope with the coronavirus pandemic.
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