Saudi Arabia and Russia reached an agreement with other oil producers on Sunday to cut oil output by a record 9.7 million barrels per day (bpd) for the next two months, according to an OPEC statement.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other oil-producing nations, a group known as OPEC+, met on Sunday and finalized the deal of an output cut by 9.7 million bpd for May and June, around 10 percent of global supply, to support oil prices amid the coronavirus pandemic, the statement said.

From July to the end of 2020, the cut will decrease to 7.7 million bpd, and then will be followed by an adjustment of 5.8 million bpd for another 16 months till the end of April 2022, the statement added.

OPEC Secretary-General Mohammad Barkindo said that the production adjustments, largest in volume and longest in duration, are historic.

"We are witnessing today the triumph of international cooperation and multilateralism which are the core of OPEC values," he said.

OPEC+ will reconvene on June 10 via video conference to determine further actions needed to balance the market, the statement said.

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