OPEC+ is meeting to finalise the biggest oil supply deal in history to cut 10 million barrels a day in May and June 2020, with the coronavirus pandemic wreaking havoc on the global energy sector.

The group also convened last Thursday to hammer out the deal which proved a failure as Mexico did not agree to cut its output by 400,000 as proposed by fellow OPEC+ members and agreed to cut only 100,000 b/d.

The outline agreement, to remove 10m barrels a day or more of global supply, has won the support of OPEC and Russia and the G20 group of nations.

OPEC+ is trying to sign off on the deal before markets reopen on Sunday night.

Failure to reach an agreement risks sending oil prices even lower.