OPEC+ agrees to 10 million bpd oil cut for May and June

The Organization of the Petroleum Exporting Countries (OPEC) and its allies have agreed to reduce crude oil production by 10 million barrels a day until early June to counter the slump in demand caused by the coronavirus pandemic sweeping the world.

A tussle for market share that started in early March resulted in a surplus that was exacerbated by the pandemic, battering prices further.