The world’s top oil producers pulled off a historic deal to cut global crude output and put an end to a devastating price war.
After a week-long marathon of bilateral talks and four days of video conferences with government ministers from around the world, an agreement finally emerged to tackle the impact of the global pandemic on demand.
The talks almost fell apart because of resistance from Mexico, but came back from the brink after a weekend of urgent diplomacy -- with the clock ticking down to the market open.
OPEC+ will cut 9.7 million barrels a day -- just below the initial plan of 10 million. Mexico appeared to have won a diplomatic victory as it will only be required to cut 100,000 barrels -- less than its pro-rated share.