4/10, 6:40 AM (Source: TeleTrader)
more TeleTrader news

OPEC+: Output cuts deal depends on Mexico

The agreement on the reduction on oil production between the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers, known as OPEC+, depends on Mexico's commitment, OPEC+ said in a statement on Friday.

The group confirmed provisions from an earlier statement that said production cuts will amount to 10 million barrels per day for two months, starting May 1. After the deal was initially revealed, Mexico voiced concerns over its output cuts.

Saudi Energy Minister Prince Abdulaziz bin Salman stated that the agreement now "hinges on" Mexico's consent. He also added that OPEC+ expects the United States, Brazil and Canada to use their own ways to reduce production and ensure market stability.

Breaking the News / VP