Major oil producers except Mexico agreed to cut output in May and June by 10 million barrels per day, OPEC said Friday, after marathon talks to counter a collapse in prices. The videoconference led by the Organization of the Petroleum Exporting Countries has been seen as the best chance of providing support to prices, which have been wallowing near two-decade lows due to the coronavirus pandemic and a price war between key players Saudi Arabia and Russia. The agreement, which also reduces production by eight million bpd from July to December, depends on Mexico’s consent for it to take effect, the oil cartel said after the meeting.
