The United States and Mexico have decided to slash crude oil production to reduce global supply under an agreement among Oil and Petroleum Exporting Countries (Opec), US President Donald Trump said on Friday.
The Opec members and other oil-producing countries want to reduce oil production as the ongoing global health crisis in the wake of the coronavirus outbreak have heavily suppressed oil demand.
The Opec nations have agreed to "a different limit reduction of about 23 per cent", Trump said at his daily White House news conference on coronavirus.
During a virtual meeting of the Opec and non-Opec nations on