OPEC & allies agree to cut global oil production by 10 million barrels per day after Mexico joins deal

The Organization of the Petroleum Exporting Countries and allied oil producers have reportedly reached an output cuts deal after Mexico agreed to reduce its production by 100,000 barrels a day. OPEC has yet to confirm the cuts.

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, Saudi Arabia and allied producers came to terms to cut a combined 10 million barrels per day in production during a virtual meeting on Thursday.

(RT)