Mexico will not join other top oil producers in extending through July output cuts aimed at propping up the price of crude, Energy Minister Rocio Nahle said on Saturday.
Made up of OPEC members and allies led by Russia, the group known as OPEC+ agreed in April to cut oil supply by 9.7 million barrels per day in May and June to support prices.
The cuts had been due to taper to 7.7 million bpd from July to December, but on Saturday, OPEC+ agreed to extend the production cuts until the end of July. His energy minister Rocio Nahle confirmed Mexico would not participate in the fresh cuts agreed on Saturday.
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