OPEC reveals details of the agreement to cut production
The organization said in a statement, that the agreement, which also stipulates that the reduction to 8 million barrels per day from July to December next, will require Mexico's approval to enter into force.
The agreement also provides for a reduction of 6 million barrels per day between January 2021 and April 2022.
The statement was issued after a long meeting in the closed circuit, with the aim of finding a solution to the significant drop in oil prices due to falling demand.
The new epidemic of the Corona virus caused a market imbalance, as the global supply was mainly large and reached unprecedented levels, with restrictions on movements imposed everywhere to avoid the spread of the disease.
And, "Bloomberg" said that Mexico has found the required effort exaggerated, compared to other countries.