Mexico and the United States participate in OPEC production cut | Financial

Mexico is willing to temporarily reduce daily production by 100,000 barrels, while the United States will reduce production by another 250,000 barrels per day. This would break a dead end, as Mexico had previously refused to cut production more sharply as requested by OPEC and Russia. They had requested a reduction of 400,000 barrels per day from Mexico. The additional United States step would now have found some sort of middle ground.

OPEC and its allies, called OPEC +, agreed on Thursday to temporarily cut daily production by 10 million barrels to increase oil prices. These have fallen sharply due to a price war in the oil market between Saudi Arabia and Russia and the impact of the crown crisis on oil demand.

The G20 energy ministers are discussing a final agreement via a video link. Commitments from other countries are expected to reduce production by an additional 5 million barrels per day.