Talks to cut the world’s oil production drag on for a third day
The world’s largest oil producers were still grasping for a deal to rescue energy markets from a coronavirus-induced collapse after three days of talks. Mexico remains the last holdout.
An unprecedented reduction of about 10% in worldwide crude output was still being negotiated in bilateral talks Saturday. US President Donald Trump has offered a diplomatic solution that could allow everyone to save face, but it remains unclear whether Saudi Arabia and other members of the global OPEC+ coalition will be amenable to that. Russia has said it considers the plan a done deal.
OPEC+ has made a commitment to cut a record 10 million barrels a day, “conditional on the consent of Mexico.” With Trump now personally involved, the stakes appear too high for the deal to fail.
