Mexico and other nations are seeking to mediate between Russia and Saudi Arabia ...
MEXICO CITY - Mexico and other nations are seeking to mediate between Russia and Saudi Arabia to end a price war that has battered world markets, Mexico’s finance minister said on Tuesday, citing his country’s prior experience in calming a crude producer feud.
International crude oil prices suffered the biggest rout in nearly 30 years on Monday, after top producers Saudi Arabia and Russia began a price war that threatens to inundate global oil markets with supply.“We along with some other countries are looking to be a type of third party to build bridges,” finance minister Arturo Herrera said at a news conference.
In 1998, after a year of secret diplomacy and hushed-up private talks around the world, Saudi Arabia and then important producer Venezuela were persuaded to cut a deal by non-OPEC Mexico, overcoming mutual acrimony and leading to a rise in oil prices.“Mexico was a country that mediated, it requires certain diplomatic abilities,” he said, without giving details of the other nations he said were looking to help.Twenty-two years ago, Mexico and others agreed to output cuts to end the feud.
Mexico was present at the meeting in Vienna where the so-called OPEC+ group failed to reach an agreement.
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