NEW YORK (AP) — As demand for fuel plummeted worldwide and the oil industry faced a devastating drop in oil prices, the U.S. took the rare move of stepping into negotiations involving the member countries of OPEC and non-members such as Russia and Mexico.
OPEC and its allies agreed over the weekend to cut production by nearly 10 million barrels per day.
It is about 10% of current global output.
The unusual action by the U.S. reflects the desperate conditions the oil industry found itself in due to the economic damage wrought by the coronavirus outbreak.
The price of oil today rose from $21.70 to $24.84 per barrel in the latest report.