Mexico will pare its oil production by 100,000 barrels per day (BPD) from May after top oil producers collectively agreed to cut production by 9.7 million barrels per day at OPEC+ discussions.
Mexican Energy Minister Rocio Nahle wrote on Twitter the settlement to cut production by 9.7 million BPD had been struck unanimously in the OPEC+ group of countries; however, she didn’t mention what Mexico’s share in the reduction would be.
Mexico had previously pledged to cut production by 100,000 BPD, and two officers confirmed it was sticking to that target.
The OPEC+ group had asked Mexico to cut production by 400,000 BPD; however, President Andres Manuel Lopez Obrador’s unwillingness to meet that demand held up oil producers’ approval of the historic cuts.
On Sunday, the Azeri power ministry mentioned the USA would compensate for Mexico by reducing production by one other 300,000 BPD. That was 50,000 BPD over Lopez Obrador, and U.S. President Donald Trump had previously agreed on.
One of the two Mexican delegates confirmed the Azeri ministry’s announcement that the USA would take accountability for 300,000 BPD in cuts for Mexico.
Separately, Mexico’s Overseas Minister Marcelo Ebrard congratulated Nahle for defending Mexico’s pursuits, saying on Twitter that Lopez Obrador’s technique had worked.