OPEC announced Thursday that it had agreed to impose production cuts of 1.5 million barrels per day (bpd) from the beginning of next month until the end of the year.

A group of some of the world’s most powerful oil-producing nations has recommended the deepest production cuts since the global financial crisis, as intensifying concerns about China’s fast-spreading coronavirus ratchets up the pressure on oil prices.

At a meeting in Vienna, Austria on Thursday, OPEC announced it had agreed to impose production cuts of 1.5 million barrels per day (bpd) from the beginning of next month until the end of the year, with a meeting on June 9 to review this policy.

The deal is conditional on approval from Russia — a non-OPEC member. It will be applied on a pro-rata basis with core OPEC members set to cut 1 million bpd and non-OPEC partners expected to cut 500,000 bpd.

The broader alliance of OPEC and non-OPEC producers, sometimes referred to as OPEC+, will meet on Friday to discuss this proposal.

“Russia so far has not given their answer yet, if Russia says no today, there are real questions about the viability of the OPEC+ arrangement.”