The $5.02 price you guys always quote was in June 2022.
OPEC+ deal, a decrease in Production, was a 2 year deal from May 2020 tp May 2022.
The COVID Crisis and Historic Deal (2020)
- March 6, 2020: Talks collapse between OPEC and Russia; no agreement reached.
- March–April 2020: Price war begins; oil demand simultaneously crashes due to COVID-19 lockdowns.
- April 12, 2020:Historic OPEC+ deal reached:
- 9.7 mb/d production cut (largest in history), starting May 1, 2020.
- Gradual tapering planned:
- 7.7 mb/d cuts from July–December 2020
- 5.8 mb/d cuts from January 2021 through April 2022