OPEC+ said it had agreed to reduce output by 9.7 million barrels per day for May and June, after four days of talks and following pressure from U.S. President Donald Trump to arrest the price decline

Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the US and several others join in with curbs to help prop up prices

OPEC+ works on a deal to cut the production of oil equivalent by about 10% of world supply, or 10 million barrels per day, in what member states expect to be an unprecedented global effort including the US

US President Donald Trump invited US oil executives to discuss ways to help the industry “ravaged” by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia

Saudi Arabia announced it will raise its oil exports to a record 10.6 million barrels per day starting from May despite a global supply glut, escalating a price war with Russia

Global oil storage capacity is under intense pressure because of booming output from Saudi Arabia and the United States while the coronavirus outbreak slams the world economy and crude demand

The quick slide in oil prices over the past few days has alarmed OPEC officials as the new virus found in China and several other countries raised concerns about a hit to economic growth and oil demand

South America’s largest oil producer, Brazil, will launch discussions on potentially joining OPEC in July, Brazilian Energy Minister Bento Albuquerque said