Akos Stiller | Bloomberg | Getty Images OPEC and its oil producing allies on Sunday finalized a historic agreement to cut production by 9.
7 million barrels per day, following multiple days of discussions and back-and-forth between the world's largest energy producers.
The group, known as OPEC+, initially proposed cutting production by 10 million barrels per day — amounting to some 10% of global oil supply — on Thursday, but Mexico opposed the amount it was being asked to cut, holding up any final deal. Under OPEC+'s new agreement, Mexico will cut 100,000 barrels per day, instead of the 400,000 barrels per day it had initially been asked to cut.On Friday President Donald Trump said the U.S. would cut production in an effort to get Mexico "over the barrel."
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