The agreement between OPEC and partner countries aims to cut 10 million barrels per day until July, then eight million barrels per day through the end of the year and six million barrels a day for 16 months beginning in 2021. It's unclear how a production cut in the U.S. would work, since oil production is not state-run, and there are thousands of independent producers. Trump told reporters Friday that there's so much oil production that 'nobody even knows what to do with it.' The oil market was already oversupplied when Russia and OPEC failed to agree on output cuts in early March. Even if North American producers took five million barrels a day off the market, there could still be an excess supply of five-10 million barrels per day.

Source: CBC News April 10, 2020 14:39 UTC