OPEC+ agrees to cut oil supply and ends price war

The world’s largest oil producers reached a historic deal to cut global crude output by as much as nearly 10% in the next two months, putting an end to a devastating price war that started in early-March after Saudi Arabia and Russia failed to agree on a joint production strategy aimed at balancing the global oil market.

Specifically, the OPEC+ alliance, including Russia, agreed to lower their overall oil production by 9.7 million barrels per day (bpd), starting on 1 May 2020, for an initial period of two months ending on 30 June 2020.