The Organization of the Petroleum Exporting Countries, Russia and other countries, said they agreed to reduce output by 9.7 million bpd.
President Donald Trump said the OPEC+ group of oil producers might cut output by 20 million barrels per day (bpd).
According to Reuters, they are cutting production because of the collapse in prices.
Trump said: “The energy industry will be strong again, far faster than currently anticipated.