Opec producers and allies have agreed a record oil deal that will slash global output by about 10% after a slump in demand caused by coronavirus lockdowns. The deal, agreed on Sunday via video conference, is the largest cut in oil production ever to have been agreed.
Opec+, made up of oil producers and allies including Russia, announced plans for the deal on 9 April, but Mexico resisted the cuts.
Opec has yet to announce the deal, but individual nations have confirmed it.
The only detail to have been confirmed so far is that 9.7 million barrels per day will be cut by Opec oil producers and allies.
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