OPEC counties release new deal final communique

OPEC+ oil producers reached a new agreement to collectively reduce oil production by 9.7 million barrels a day for two months, starting from 1 May. 

After that, production will be cut by 7.7 million barrels a day for 6 months, until 31 December. Starting from January of next year until April 2022 oil production will be reduced by 5.8 million barrels per day.
According to a final communique released after the Sunday agreement, a possible extension of the new OPEC+ deal will be discussed in December 2021. A meeting will also be held this June via videoconference to see if any further actions are needed to balance the market amid the coronavirus pandemic.

Russia and Saudi Arabia will cut their daily oil output by 2.5 million barrels each from the level of 11 million barrels. Other nations will decrease production by 23% on the October 2018 level.

Mexico, which refused to accept a quota of 400,000 barrels a day, will cut production by 100,000 barrels. The remaining 300,000 barrels will be compensated by the United States, which has committed to cut daily production by 250,000 barrels a day.