OPEC and its oil producing allies on Sunday finalized a historic agreement to cut production by 9.7 million barrels per day, following  multiple days of discussions and back-and-forth between the world’s largest energy producers. The cut is the single largest output cut in history. Sunday’s emergency meeting — the second in four days — came as oil producing nations scrambled to reach an agreement in an effort to prop up falling prices as the coronavirus outbreak continues to hammer demand.

The agreement also ends a price war that broke out between Saudi Arabia and Russia at the beginning of March, which further pressured oil prices as each sought to gain market share.