OPEC, OPEC+ agree to historic 10 million barrel/day production cut amid coronavirus impact

OPEC and its allies, known as OPEC+, have agreed on Thursday to historic production cuts that will take 10 million barrels per day offline as the coronavirus pandemic has weaken demand for crude.

The agreement came after the oil-producing countries held an extraordinary meeting to discuss production policy amid drops in oil prices.

The group will slash 10 million barrels per day in May and June, 8 million barrels per day from July through the end of the current year, and 6 million barrels per day beginning in January 2021 and extending throughout April 2022.