4/10, 3:33 AM (Source: TeleTrader)
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OPEC+ deal still uncertain after Mexico rebuffs cuts - report

Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) failed to reach an agreement on oil market stabilization on Thursday after Mexico rejected the proposed cuts.

The Latin American oil producer is unhappy with the reduction as it reportedly argued it plans to unveil a funding package worth $13.5 billion to aid its oil company Pemex raise its output, S&P Global reported citing sources at the OPEC+ familiar with the matter.

Earlier the major oil producers edged reaching a deal, as a statement issued by the organization suggested oil production for the months of May and June will be reduced to the level of 10 million bpd. Starting July, the output was set to stand at 8 million bpd, reaching 6 million bpd from January 2021 to April 2022.

Breaking the News / NL