Saudi Arabia and Russia ended their price war and are promising to deliver the oil production cut sought by President Trump to raise historically low prices that have damaged the U.S. shale industry.

Saudi Arabia and its allies of oil-producing nations led by Russia, a collective known as OPEC+, finalized a deal during a second unprecedented remote video meeting Sunday to cut production by 9.7 million barrels per day beginning in May and lasting for two months. The agreement for that level of cuts would last for two months, with reductions subsequently leveling off through April 2022.

The group reached a similar deal in principle during an emergency remote meeting on Thursday, but Mexico refused to support it, and since OPEC+ agreements are conditional on support from all participants, it wasn’t official.

Trump said he intervened Friday to help resolve the stand-off, speaking with Mexico’s populist President Andres Manuel Lopez Obrador, who told Trump that Mexico will cut its production by 100,000 barrels per day.

Trump also spoke with Russian President Vladimir Putin and Saudi King Salman in a whirlwind bout of diplomacy to try to get the deal to stick. He celebrated the outcome on Sunday, which is the largest oil market intervention in history.

“The big Oil Deal with OPEC Plus is done,” Trump said in a Twitter post. “This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!”

Mexico had originally balked at OPEC+ wanting it to cut production 400,000 barrels per day, but Trump suggested the U.S. will make up the difference between that number and Mexico's commitment to cut 100,000 barrels per day.

On Friday, Trump said the U.S. would be "cutting some production" to compensate, and Mexico would “reimburse us at a later date."

"U.S. production has already been cut" naturally, he said, as private companies are pulling back because prices are so low, and producers are running out of space to store unused oil.

Energy Secretary Dan Brouillette told reporters on a press call Sunday night that he expects U.S. oil production to fall by as much as 2 million barrels per day by the end of 2020, based on projections from the Energy Information Administration.

Brouillette reiterated the Trump administration view that those market-driven numbers count as the U.S. response to cutting oil production, and nothing more formal would be coming because its free market system does not allow for federal intervention.

"While it’s important to members of OPEC that they have mandates cuts, we don't have that system in the United States," Brouillette said. He added that market-driven cuts occurring as a result of individual decisions from U.S. companies "are real."

The biggest burden of mandated cuts will fall on Saudi Arabia and Russia, the two largest oil producers outside the U.S.

Trump pushed Saudi Arabia and Russia to cut output in the hopes that less crude on the market will raise oil prices, which have fallen by two-thirds since the start of the year and reached an 18-year low last month.

Most of that has been caused by widespread restrictions meant to stop the spread of the coronavirus, reducing travel and, accordingly, demand for oil and fuels. Saudi Arabia also pushed prices lower by flooding the market with crude oil after Russia, last month, unexpectedly broke with a multi-year pact to cut output.

A cut of nearly 10 million barrels per day (representing close to 10% of the world’s normal daily consumption) would still barely reduce the glut of oil created by the slowdown of the global economy, with lost demand projected to reach as high as 35 million barrels per day.

Joe McMonigle, a former Energy Department chief of staff in the George W. Bush administration, told the Washington Examiner that the OPEC+ agreement should at least put a “floor” on oil prices.

“It’s a big deal,” said McMonigle, who is now president of the Abraham Group, an international strategic consulting firm. “They’ve given Trump his number, but it may not be enough for markets.”