The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia agreed on Sunday to reduce output by 9.7 million barrels per day (bpd) for May and June to prop up oil prices as the coronavirus pandemic chokes off fuel demand and roils energy markets.
Saudi Arabia’s energy minister said on Monday that effective global oil supply cuts would come to around 19.5 million bpd, taking into account OPEC+ cuts, pledges by other G20 nations and oil purchases into reserves. Cuts for OPEC+ producers for May and June:
