OPEC+ confirms agreement on cuts of 10 mln bpd in May, June

OPEC and allied oil producers, a group known as OPEC+, agreed on Thursday to cut output by 10 million barrels per day (bpd) in May and June to help prop up prices battered the coranavirus crisis, the group said in a statement.

It said the cuts would be eased between July and December to 8 million bpd and the reductions would then be relaxed further to 6 million barrels between January 2021 to April 2022.

OPEC+ said it would hold another video conference meeting on June 10, to assess the market.