Mexico has reached an agreement on oil production cuts (CL1:COM) with OPEC+ after Pres. Trump intervened to resolve the impasse.
Mexican Pres. Lopez Obrador says Trump “generously” committed to cut U.S. output by an additional 250K bbl/day to compensate for Mexico, which will reduce its crude production by only 100K bbl/day instead of the 400K asked for in yesterday’s OPEC+ deal.
Attention now turns to a call between G-20 energy ministers, where OPEC+ is hoping to secure commitments for 5M bbl/day of production cuts in addition to the initial 10M reduction in its own output proposed yesterday.
Russian Pres. Putin says he views the OPEC+ deal “very positively” as a compromise agreement that will have a positive impact in stabilizing global markets.
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