OPEC and its allies announced late Sunday that they have agreed to lower their crude oil production by a total of 9.7 million barrels per day (bpd) starting from May 1.

The initial output cut of 9.7 million bpd will be valid through June 30 this year for two months, OPEC said in a statement.

For the following six-month period, from July 1 to Dec. 31 this year, the total output cut will be eased to 7.7 million bpd.

This will be followed by a 5.8 million bpd adjustment for a period of 16 months, from Jan.1, 2021 to

Read more: OPEC to cut oil by 9.7 mln. barrels per day from May 1