OPEC, Russia, and allies are on the verge of ending the oil price war in an effort to save the oil industry which, in addition to the oil price war consequences, suffered even more as the coronavirus pandemic further curbed the oil demand, creating a whirlwind of adverse effects. However, the allies are still waiting on Mexico to join the production cuts pact.

In a historical meeting of OPEC, Russia, and other allies on Thursday, 9 April new oil production cuts have been agreed to end the oil price war, which started in March, with the OPEC+ group agreeing to eliminate 10 million barrels of crude per day for an initial two-month period. The two-month period starts on 1 May and ends on 30 June 2020.