OPEC, oil nations agree to an unprecedented production cut

DUBAI, United Arab Emirates - OPEC, Russia and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said.

The cartel and other nations agreed to allow Mexico to cut only 100,000 barrels a month, a sticking point for an accord initially reached Friday after a marathon video conference between 23 nations. They reached the deal just hours before Asian markets reopen Monday as international benchmark Brent crude traded at just over $31 a barrel and American shale producers struggle.

Oil prices have collapsed as the coronavirus and the Covid-19 illness it causes have largely halted global travel and slowed down other energy-chugging sectors such as manufacturing.