OPEC+ agrees largest ever oil output cut of 9.7 million bpd: sources

LONDON: OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing around 10 per cent of global supply, to support oil prices amid the coronavirus pandemic, sources said.

The group, known as OPEC+, agreed to reduce output by 9.7 million barrels per day for May-June after a compromise with Mexico, two OPEC+ sources said.