The Saudi-led OPEC group and their allies agreed early Friday that major oil producers — except Mexico — would cut output by 10 million barrels per day between May and June in a bid to support falling prices

The world’s top oil-producing countries will meet via video conference at 1600 GMT Sunday, a source close to OPEC said, as they try to address plummeting crude prices due to the coronavirus crisis.

The Saudi-led OPEC group and their allies agreed early Friday that major oil producers — except Mexico — would cut output by 10 million barrels per day between May and June in a bid to support falling prices.

The United States then reached a deal with lone holdout Mexico to reduce its output by 100,000 bpd.

(Source: AFP)