BBC: Record deal to cut oil output ends price war

Opec producers and allies have agreed a record oil deal that will slash global output by about 10% after a slump in demand caused by coronavirus lockdowns.

The deal, agreed on Sunday via video conference, is the largest cut in oil production ever to have been agreed, BBC reports.

Opec+, made up of oil producers and allies including Russia, announced plans for the deal on 9 April, but Mexico resisted the cuts.

Opec has yet to announce the deal, but individual nations have confirmed it.

The only detail to have been confirmed so far is that 9.7 million barrels per day will be cut by Opec oil producers and allies.

On Monday in Asia, oil rose over $1 a barrel in early trading with global benchmark Brent up 3.9% to $32.71 a barrel and US grade West Texas Intermediate up 6.1% to $24.15 a barrel.

Shares in Australia jumped 3.46% led by energy exporters, but Japan's Nikkei 225 fell 1.35% on continued concerns of poor global demand because of the spread of the coronavirus.