Kuwait Oil Minister Khaled al-Fadhel tweeted that, following extensive efforts, "we announce completing the historical agreement to cut production by nearly 10 million barrel per day by Opec+ members starting May 1". Mexico's Energy Minister Rocio Nahle said on Twitter the agreement was for "an oil reduction of 9.7 million barrels from May." Sunday's meeting was chaired by Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Energy Minister Alexander Novak. Oil prices have slumped since the beginning of the year due to the Covid-19 pandemic. The production cut deal marks a possible end of the price war between Riyadh and Moscow.

Source: Dhaka Tribune April 12, 2020 19:18 UTC