OPEC, Oil Nations Agree To 10M Barrel Cut

DUBAI, United Arab Emirates (AP) – OPEC, Russia and other oil-producing nations have finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war. The group of nations agreed on a video conference Sunday to cut 9.7 million barrels a day to begin May 1. Mexico had initially blocked the deal. Iran’s oil minister also says several Middle Eastern nations agreed to an additional cut of 2 million barrels a day. They reached the deal just hours before Asian markets were set to reopen Monday.