OPEC agree on reducing oil production, but the deal is in jeopardy because of the position of Mexico

9 April, the members of the Organization of countries – exporters of oil and partners (OPEC+) agreed to reduce oil production, said in the statement.

The meeting was held in a videoconference format. It was attended by the energy Minister of Saudi Arabia Prince Abdulaziz bin Salman and Minister of energy of Russia Alexander Novak.

At the talks agreed to cut oil production to 10 million barrels per day in may – June 2020, to 8 million barrels per day in July – December and from January 2011 through may 2022 – 6 million barrels per day.

“The agreement will be valid until 30 April 2022, but its extension will be reviewed in December 2021”, the statement says.

The negotiators called all the major oil producers “to support the efforts aimed at stabilizing the market.”

The next OPEC meeting+ videoconference is scheduled for June 10.

Bloomberg noted that the talks on April 9 lasted more than nine hours. Final agreements have not been achieved because of the position of Mexico, found the Agency. Mexico refused to limit production to 400 thousand barrels per day, not endorsing the deal. According to the Agency TASS, the Minister of energy of Mexico rocío Nala “with anger,” left the negotiations, which were shown on the video.

After negotiations, she wrote in Twitter that her country is ready to cut production by 100 thousand barrels per day.

México en el consenso para estabilizar el precio del petróleo en la reunión de la @OPECSecretariat ha propuesto una reducción de 100 mil barriles por día en los próximos 2 meses. De 1.781 mbd de producción reportamos que en marzo del 2020 disminuiremos a 1.681 mbd. @GobiernoMX

— Rocío Nahle (@rocionahle) April 10, 2020