U.S. President Donald Trump said on Friday he would help Mexico contribute to global oil output reductions, in a surprise move that could break an ...
WASHINGTON/MEXICO CITY: U.S. President Donald Trump said on Friday he would help Mexico contribute to global oil output reductions, in a surprise move that could break an impasse among the world's major oil producers over cutbacks aimed at stabilizing crude prices.
During talks on Thursday inside the OPEC+ group, oil producers resolved to make cuts equivalent to around 10per cent of global supplies, but Mexico balked at the initiative. Lopez Obrador, who has made increasing oil production at struggling state oil firm Petroleos Mexicanos one of his priorities, said Trump offered to help before Mexico announced it would cut output by only 100,000 bpd.
In Washington, Trump said the United States would"pick up the slack" for Mexico, and when asked to confirm the 250,000 bpd figure, noted:"Yes, which we've already done, by the way." Global output cuts that stabilize prices are likely to provide some relief to U.S. shale producers, some of which risk being pushed out of the market unless prices recover.
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