Saudi state TV: OPEC deal includes 10M barrel per day cut

Saudi state TV is reporting that a deal before OPEC and other oil-producing countries involves a 10 million barrel per day cut to July 1, then an 8 million barrel per day cut through end of year.

Saudi state TV also reported Friday that beginning from 2021, the plan calls for 6 million barrel per day cut for 16 months.

The report comes as the deal appeared to hinge on Mexico after Kuwait’s oil minister tweeted that Mexico had disrupted a marathon teleconference seeking a deal.

Oil prices have collapsed amid the coronavirus pandemic.