On Sunday 12 April, after 4 days of discussions, the OPEC+ member countries eventually agreed to reduce oil production by 9.7 million barrels per day (bpd) in May and June, equivalent to about 10% of world supply, in order to respond to the fall in oil prices caused by the Covid-19 pandemic (see EUROPE B12461A20).
“The big Oil Deal with OPEC Plus is done. Great deal for all!”, tweeted American president Donald Trump.
The agreement, which runs until 30 April 2022 and which will be...