OPEC is to exempt Libya from a plan to slow down oil production for a period of two months, starting next May, due to the production lost through the closure of ports and fields by pro-Haftar militias east of Libya.

The oil-exporting countries, with the exception of Mexico, have agreed to reduce 10 million barrels per day in world production in May and June, to try and stop oil prices from tumbling further, OPEC said in a statement.

The agreement provides for cutting 8 million barrels per day starting from July until next December.