Top oil producers agree on deal to cut output amid coronavirus crisis

Top oil-producing countries have agreed to cut output in order to boost plummeting oil prices due to the coronavirus crisis and a Russia-Saudi price war. Kuwait Oil Minister Khaled al-Fadhel  announced the agreement to cut production by nearly 10 million barrel per day by OPEC members starting on May 1st.

OPEC producers, dominated by Saudi Arabia, and allies led by Russia, met via video-conference yesterday for an hour in a last-ditch effort to cement an accord struck early Friday that hinged on Mexico’s agreement.

Yesterday’s meeting was chaired by Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Energy Minister Alexander Novak.

Oil prices have slumped since the beginning of the year due to the COVID-19 pandemic.