The Organization of the Petroleum Exporting Countries (OPEC) and allied oil-producing nations agreed to reduce oil production by 22% for each alliance member state in May and June, Energy Intelligence’s Amena Bakr reported on Thursday. Such an agreement would entail that Russia and Saudi Arabia each decrease their output from 11.3 million barrels per day (mbpd) to 8.75 mpbd. The estimated total amount of reductions for the OPEC+ members would stand at approximately 10 mbpd under the deal.Oil producers outside of the OPEC+ alliance are now expected to cut production by 5 mbpd in total, according to the report.