They're going with the flow. Twenty-three countries, including Saudi Arabia, Russia and the U.S., agreed to collectively cut oil production by an unprecedented 9.7 million barrels per day in May and June. The roughly 13 percent reduction in global supply is aimed at addressing the glut that's resulted from a collapse in demand — though some analysts worry it won't be enough to sustain prices.
Why else does it matter? Sunday's deal was a diplomatic win for President Donald Trump, who's credited with corralling Moscow and Riyadh after a weekslong price war.