Mexican President Andres Manuel Lopez Obrador said that he is ready to reduce oil production by 100 thousand barrels per day instead of the proposed 400 thousand under the new OPEC + deal. According to him, the US intends to support Mexico by reducing production by another 250 thousand barrels.
“I spoke with President Trump, and we agreed to reduce production by 100 thousand barrels per day. The US promised to further reduce production by 250,000 barrels a day to help Mexico,” Mr. Obrador said at a press conference published on Twitter. According to him, at the OPEC+ meeting, Mexico was required to make the same reduction as Saudi Arabia and Russia— about 23% of production, which “turned out to be too difficult for the country.”
Yesterday, due to the position of Mexico, the OPEC+ countries could not agree to reduce oil production by 10 million barrels per day. In the final press release of OPEC, it is confirmed that all countries except Mexico approved the reduction of oil production. The organization added that the fate of the deal depends on whether Mexico goes for it. As the adviser to the Minister of the energy of Azerbaijan Zamina Aliyeva reported earlier, the OPEC+ member countries have until May 1 to agree with Mexico on reducing oil production. According to her, the new Declaration, which was adopted by OPEC+ countries, was also not joined by Brazil and Canada.