Global deal to cut oil output in sight after Mexico signs up
The OPEC oil cartel and nations, including Russia, have agreed to boost oil prices by cutting as much as 10 million barrels a day in production. Even more countries, including the US, were discussing Friday their own cuts in what would be an unprecedented global pact to stabilise the market.
The agreement between OPEC and partner countries aims to cut 10 million barrels per day until July, then an 8 million barrels per day cut through the end of the year, and 6 million a day for 16 months beginning in 2021.
Mexico had initially blocked the deal but its president, Andres Manuel Lopez Obrador, said on Friday he had agreed with US President Donald Trump that the US will compensate what Mexico cannot add to the proposed cuts.
