OPEC+ sealed deal to cut production output at record level

According to media reports, following four consecutive days of discussion, OPEC, Russia, and other oil-producing nations have reached an agreement to slash production output by a record amount.

The group agreed to reduce the output by 9.7 million barrels per day or 10% of the world supply in the month of May and June 2020 and gradually decreasing the curb on production over the span of two years, until April 2022.

The group has also requested producers outside of the group, including the USA, Canada, Brazil, and Norway to carry another 5 million barrels per day cut (5% of the world supply).