OPEC and other oil producers have agreed to boost oil prices by cutting production 9.7 million barrels a day, energy officials say.
DUBAI, United Arab Emirates — The OPEC oil cartel and other oil producers agreed Sunday to boost oil prices by cutting nearly 10 million barrels a day in production, or a tenth of global supply, according to energy officials from several nations who participated in the talks.
Iran’s oil ministry also confirmed the 9.7 million cut for May and June. It said the so-called OPEC+ countries agree to have Mexico reduce its output by 100,000 barrels only for those two months. That had been a sticking point for the accord meant to boost global energy prices.
Video aired by the Saudi-owned satellite channel Al-Arabiya showed the moment that Saudi Energy Minister Prince Abdulaziz bin Salman, a son of King Salman, assented to the deal. Nigeria’s Petroleum Resources Ministry said in a statement that the other cuts would stand in the deal, meaning an 8 million barrel per day cut from July through the end of the year and a 6 million barrel cut for 16 months beginning in 2021.
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