Oil prices moved higher early Monday morning stateside after OPEC and its allies agreed to cut production by 9.7 million barrels per day. The deal, which was finalized on Sunday after marathon discussions that spanned four days, is the single largest output cut in history.
The group, known as OPEC+, initially proposed cutting production by 10 million barrels per day — amounting to some 10 percent of global oil supply — on Thursday, but Mexico opposed the amount it was being asked to cut, holding up the final deal. Under the new agreement, Mexico will cut 100,000 barrels per day, instead of its initial allocation of 400,000 barrels per day.
