An agreement between OPEC and its allies, known as OPEC+, hit after Mexico is not showing interest to agree to its share of the cuts after a marathon meeting between the oil-producing nations that lasted more than 9 hours.”The other members of OPEC+, led by Saudi Arabia and Russia, earlier in the day agreed to cuts that would take 10 million barrels per day offline.”as the Lockdown saps demand for crude.
A statement released by OPEC following the “meeting outlined details of the cuts but notes the measures were “agreed by all the OPEC and non-OPEC oil producing countries participating in the Declaration of Cooperation, with the exception of Mexico, and as a result, the agreement is conditional on the consent of Mexico.”
This meeting was arranged around 10:30 a.m. ET and stretched into the evening.Following the meeting, Mexico’s Secretary of Energy Rocío Nahle said in a tweet that the country would be willing to stop production by 100,000 barrels per day for the next 2 months. According to Reuters OPEC+ had reportedly asked for a cut of 400,000 barrels per day.