OPEC and its allies reached a final agreement late Sunday to cut their collective oil production by a record level of 10 million barrels per day (bpd) starting next month to balance the oil market. 

The Saudi-led OPEC bloc of 13 countries and the Russian-led non-OPEC group that has 10 came to a final deal after four days of intense negotiations to lower their oil output in order to mitigate coronavirus’ blow in the form low global oil demand and falling crude prices.

The group known as OPEC+ will lower its crude oil production by 10 million bpd beginning on

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