so than the president salva russia and the u.s. along with the saudi king have endorsed in a storage deal sunday the oil cartel opec and other producers have agreed on the largest ever all output cut it will see a drop of $9700000.00 barrels per day which is around 10 percent of the global supply kuwait's oil minister says the deal will come into force on may the 1st. by the grace of god and then with wise guidance continue sufferance and continue stock since early friday we can now announce the completion of a historic agreement to reduce production by approximately $10000000.00 barrels of oil per day by members of 4 plus starting from me the 1st 2020 or but the back story here back in early march opec and other major all producing nations failed to find common ground on reducing output you may recall as demand took the nosedive on the back of the corona virus outbreak then last week an agreement was almost reached to slash production but mexico refused the country later agreed to a cut by far less than requested by opec let's go