The group, known as OPEC+, agreed to reduce output by 9.7 million barrels per day for May-June, after four days of marathon talks and following pressure from U.S. President Donald Trump to arrest the price decline.
Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs. Canada and Norway had signalled willingness to cut and the United States, where legislation makes it hard to act in tandem with cartels such as OPEC, said its output would fall steeply by itself this year due to low prices.
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