Top oil-producing countries have agreed to cut output in order to boost plummeting oil prices due to the coronavirus crisis and a Russia-Saudi price war. Kuwait Oil Minister Khaled al-Fadhel  announced the agreement to cut production by nearly 10 million barrel per day by OPEC members starting on May 1st.<br />'' <br />'' OPEC producers, dominated by Saudi Arabia, and allies led by Russia, met via video-conference yesterday for an hour in a last-ditch effort to cement an accord struck early Friday that hinged on Mexico's agreement.<br />'' <br />'' Yesterday's meeting was chaired by Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Energy Minister Alexander Novak.<br />'' <br />'' Oil prices have slumped since the beginning of the year due to the COVID-19 pandemic.<br />''  <br />