MOSCOW — On April 10, the OPEC, Russia and other countries managed to reach a new agreement to temporarily cut oil production. The agreement came after an almost nine-hour video conference held by energy ministers of major oil producing countries.
The new agreement, finalized April 12, involves cuts in oil production of 9.7 million barrels per day in May and June with 22 of the 23 participating countries having to cut production by 23% in comparison with the level of production of October 2018. Russia and Saudi Arabia are to reduce production from 11 million barrels per day to 8.5 million barrels per day. Mexico refused to reduce production by the proposed 400,000 barrels per day and only agreed to cut it by 100,000 barrels.
