Oil-producing countries around the world, have agreed to a record cutting output in an effort to end the price war sparked by Russia and Saudi Arabia.
OPEC and other major exporters will slash out both by about a tenth of global supplies.
According to the new agreement, the oil cartel known as OPEC Plus will cut out production by nine point seven million a day.
The group had initially proposed to reduce output by ten million barrels per day, but Mexico stalled the deal , after it opposed the production cut it was asked to make.
A compromise was however reached during an emergency meeting yesterday, and Mexico was allowed to slash a quarter of the amount, it had initially been asked to reduce.
OPEC Plus will start production from the First of May, with the deal extending to the end of June.
