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Mexico stops OPEC + deal, Brent drops back

rocky
rocky
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Mexico stops OPEC + deal, Brent drops back Empty Mexico stops OPEC + deal, Brent drops back

Post by rocky on Fri 10 Apr 2020, 1:54 am

Mexico stops OPEC + deal, Brent drops back

Mexico stops OPEC + deal, Brent drops back 97122019-image
  
(International: Al Furat News) Kuwaiti Oil Minister Khaled Al-Fadil revealed today, Friday, that Mexico has suspended the agreement reached by the OPEC + group to reduce oil production by 10 million barrels per day, which was reached during a meeting held on Thursday.
Al-Fadil said in a post on Twitter, "Kuwait held marathon talks in the past days and during the meeting to create a state of consensus among member states in the hope of rebalancing the oil markets," according to what was reported by "Reuters".
And the Mexican Energy Minister, Rossio Bee, announced her country's readiness to cut oil production by 100 thousand barrels per day in the next two months, and not 400 thousand barrels as proposed by the "OPEC +" countries.
And she wrote on "Twitter" that her country is ready to reduce oil production by 100,000 barrels per day in the next two months. "Mexico will reduce production to one million and 681 thousand barrels per day from one million and 781 thousand barrels announced last March," she said.
The Mexican minister participated in a meeting of "OPEC +" ministers via the Internet, but she did not agree on the proposed conditions to reduce her country's production by 400 thousand barrels per day.
The "OPEC" group and the oil producers allied with it, in the framework of what is known as the "OPEC +" group, announced, on Thursday, the agreement to cut production by 10 million barrels per day in May and June.
Black gold prices collapsed to their lowest levels in two decades due to declining demand caused by the interruption of economic activity due to the Covid-19 epidemic.
On Thursday afternoon, the major oil producing countries, led by OPEC and Russia, led video talks to seek an agreement on a significant reduction in production. It ended,
and the global Brent index returned to decline again and reached $ 31 a barrel after a short recovery in which the price of oil reached $ 35
Ammar Al-Masoudi finished


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    Current date/time is Sat 19 Sep 2020, 2:42 pm