OPEC and its allies including Russia (OPEC+) agreed in principle on two-month output cut of 10 million barrels per day (bpd) as of May 1.
 
OPEC+ states also agreed that output cuts will stand at 8 million bpd until Dec. 2020, ahead of declining further to 6 million bpd from Jan. 2021 to April 2022.
 
OPEC+ next meeting will be held on June 10, 2020.

The group held a virtual meeting today to discuss production cuts and support prices, as the coronavirus pandemic hammers crude demand.

Last week, Saudi Arabia called for an emergency meeting for OPEC+ members and other countries to reach a fair agreement and restore the desired balance to oil markets, Argaam reported.

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