Title : Mexico Is The Last Hold-Out On OPEC+ Oil Production Cuts
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Mexico Is The Last Hold-Out On OPEC+ Oil Production Cuts
Bloomberg: OPEC+ Has Yet to Resolve Mexico Holdout on Oil Cut: Delegates
The OPEC+ alliance and Mexico made some progress in their discussions on oil-production cuts on Saturday, the third consecutive day of negotiations, but cautioned it was unclear whether the group would reach a final deal, delegates said.
OPEC+ has proposed curbing output by 10 million barrels a day as demand collapses due to the coronavirus. So far, Mexico is holding out, seeking fewer reductions than the proposal would require. Saudi Arabia insists Mexico should cut its production as much as everyone else in the group. U.S. President Donald Trump has stepped in to try to broker a truce.
The alliance initially met on Thursday via video conference, followed by a virtual gathering of energy ministers of the Group of 20.
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WNU Editor: After three days of talks, OPEC+ oil producing nations have still not reached unanimous agreement on oil production cuts .... Global oil output cuts held hostage to standoff (Reuters). Adding more confusion are non-OPEC+ countries saying that they are not going to be a part of this agreement .... Canada did not agree to specific production cuts in G20 meeting - minister (Reuters). Bottom line. Even if an agreement is reached, the world is producing 15 million barrels more per day than what is being consumed.
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