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Saudi Arabia and Russia are preparing to put pressure on Mexico at the G20 oil ministers meeting today, hoping to convince Mexico to agree with the oil-exporting countries (OPEC) and their allies. Or OPEC Plus Yesterday an agreement was reached to reduce oil production capacity.
Additionally, Saudi Arabia and Russia are preparing to pressure the United States and other oil-producing countries to participate in the capacity cuts.
However, after a 10-hour conference call yesterday, OPEC Plus except Mexico reached an agreement to reduce oil production, which represents 10% of the world market, while the United States and other G20 countries will reduce production. by 5%.
OPEC Plus except Mexico An agreement was reached to reduce the production capacity of 10 million barrels / day for 2 months, from May 1, after which OPEC will cut production of 8 million barrels / day in the next 6 months until the end. This year Y will reduce production by 6 million barrels / day for 16 months, from January 1, 2021 to April 30, 2022.
However, Saudi Arabia asserts that the agreement is subject to the condition that Mexico must agree. While the United States and other countries will have to reduce production by another 5 million barrels / day
Under the agreement Saudi Arabia and Russia will reduce production capacity by 2.5 million barrels per day. And Iraq will reduce production by 1 million barrels per day.
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