OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour Sunday to cement a deal struck early Friday.
Top oil-producing countries agreed Sunday on"historic" output cuts in a bid to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war.
The agreement between the Vienna-based Organization of the Petroleum Exporting Countries and partners foresees deep output cuts in May and June followed by a gradual reduction in cuts until April 2022.Following extensive efforts"we announce completing the historical agreement", Kuwait Oil Minister Khaled al-Fadhel tweeted.
The Kremlin in a statement confirmed the joint phone call, adding that Putin and Trump agreed on the"great importance" of the deal. Compounding the problem, key players Russia and Saudi Arabia had engaged in a price war, ramping up output in a bid to hold on to market share and undercut US shale producers.Rystad Energy analyst Per Magnus Nysveen said Sunday's agreement provided"at least a temporary relief" as fuel consumption was expected to fall globally by 27 million barrels per day in April and 20 million barrels per day in May.
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