OPEC Secretary General Mohammad Barkindo called the cuts 'historic'.
Top oil-producing countries agreed on"historic" output cuts to prop up prices hammered by the coronavirus crisis and a Russia-Saudi price war, sending crude prices soaring on Monday.
US President Donald Trump takes questions from reporters in the Rose Garden for the daily coronavirus briefing at the White House on 29 March 2020 in Washington, DC.US President Donald Trump welcomed a"great deal for all", saying on Twitter it would"save hundreds of thousands of energy jobs in the United States".
Initial reticence from Mexico to introduce output cuts had led to a standoff that cast doubt on efforts to bolster oil prices, pushed to near two-decade lows. Rystad Energy analyst Per Magnus Nysveen said Sunday's agreement provided"at least a temporary relief" as fuel consumption was expected to fall globally by 27 million barrels per day in April and 20 million barrels per day in May.
AxiCorp's Stephen Innes added that"there remain concerns the agreement could be a day late and a 'barrel short' to prevent a decline in prices in the coming weeks as storage capacity brims".
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