The Organization of the Petroleum Exporting Countries, Russia and other countries, said they agreed to reduce output by 9.7 million bpd.
President Donald Trump said the OPEC+ group of oil producers might cut output by 20 million barrels per day (bpd).
According to Reuters, they are cutting production because of the collapse in prices.
Trump said: “The energy industry will be strong again, far faster than currently anticipated.” Oil prices continue to fluctuate because of concerns the cuts will not be enough to reduce the damage from the coronavirus pandemic.
