Oil-Producing Nations Finalize Deal To Cut Output

OPEC and its allies agreed to a historic oil production cut of 9.7 million barrels per day, the largest in history, to address the drop in energy demand due to the coronavirus outbreak. This agreement also resolves a price war between Russia and Saudi Arabia. Mexico initially opposed the plan but was assured by President Trump that the US would reduce its production as compensation. The US, not an OPEC Plus member, is already reducing its output. The cuts will start on May 1st and gradually decrease until April 2022. President Trump praised the deal for saving US energy jobs.

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