OPEC and allied countries agree to biggest-ever reduction in output.

Demand for oil has collapsed due to the coronavirus pandemic.

Planes are grounded, factories are shut and cars are off the roads in many cities under lockdowns.

Oil prices fell below $30 a barrel and dropped further when major producers Saudi Arabia and Russia could not agree on cutting output.

Now they have set aside their dispute.

The Organization of the Petroleum Exporting Countries (OPEC) and the oil cartel's allies agreed to a 10 percent production cut, the biggest ever.

But the deal to switch off the taps by 10 million barrels a day still needs approval from Mexico.

Some analysts warn production cuts will hurt smaller nations that depend on oil revenues.

How should these challenges be managed?

Presenter: Bernard Smith

Guests:

Alex Schindelar - President of Energy Intelligence, an oil and gas research company

Antoine Halff - Senior research scholar at the Center on Global Energy Policy, Columbia University

NJ Ayuk - Chairman at African Energy Chamber

Source: Al Jazeera News