Under the new agreement, the North American nation will slash 100,000 barrels per day, instead of the initial 400,000 barrels per day request. The supply cut will begin on May 1 and extend through the end of June. The cuts will then narrow to 7.7 million barrels per day from July through the end of 2020, and 5.8 million barrels per day from January 2021 through April 2022. OPEC+ is banking on nations outside of the group such as the United States, Canada, and Norway, to also cut production in an effort to shore up prices. The ensuing spat over market share saw both top producers flood the market with an oversupply of oil, which further pressured oil prices and severely affected oil-dependent economies like Nigeria.

Source: The North Africa Journal April 13, 2020 12:22 UTC