Mexico is participating in the production cut of oil cartel OPEC and its allies such as Russia. The United States will also cut production. Mexican President Andres Manuel Lopez Obrador reported this after talking to his American colleague Donald Trump. Mexico is willing to temporarily cut daily production by 100,000 barrels, while the US will cut production by another 250,000 barrels per day. This would break an impasse, as Mexico had previously refused to cut production more sharply as requested by OPEC and Russia. They had asked for a 400,000 barrels reduction per day from Mexico. The extra step by the US would now have found some sort of middle ground. OPEC and its allies, called OPEC +, agreed on Thursday to temporarily cut daily production by 10 million barrels to boost oil prices. These have fallen sharply due to a price war on the oil market between Saudi Arabia and Russia and the impact of the corona crisis on oil demand. The G20 energy ministers are currently discussing a final agreement through a video link. It is hoped that commitments from other countries will cut production by an additional 5 million barrels per day.
