10 Apr, 2020 12:37
The Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers have reportedly reached an output cuts deal after Mexico agreed to reduce its production by 100,000 barrels a day.
The deal was reached after Mexican President Andres Manuel Lopez Obrador spoke with US President Donald Trump, according to reports.
The Mexican leader reportedly said his country will cut crude production by 100,000 barrels per day – four times less than OPEC had asked for. He added that the reduction was coordinated with the United States, which will make an additional cut of 250,000 barrels per day for Mexico.
Mexico’s reluctance to support the proposed curbs was the main stumbling block to finalize the long-anticipated oil deal that could boost sinking crude prices. Russia and Saudi Arabia came to terms to cut a combined 10 million barrels per day in production as OPEC and other major oil producers held a virtual meeting on Thursday.
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