Top Oil Producers Except Mexico Agree to Output Cuts: OPEC

London, April 10: Major oil producers except Mexico agreed to cut output in May and June by 10 million barrels per day, OPEC said Friday, after marathon talks to counter a collapse in prices.

The agreement, which reduces production to eight million bpd from July to December, depends on Mexico's consent for it to take effect, the oil cartel said after a videoconference.

The virtual meeting of OPEC countries and their OPEC+ allies including Russia, as well as other key non-members, began just after 1440 GMT on Thursday.

It was seen as the best chance of providing support to prices, which have been wallowing near two-decade lows due to the coronavirus pandemic and a Saudi-Russian price war.

Talks dragged on into the small hours of Friday. Bloomberg News reported that the main sticking point was the refusal of Mexico to sign up to its share of cuts under the deal, which would have been 400,000 barrels per day.

Mexican Energy Minister Rocio Nahle Garcia tweeted that her country had suggested a cut of 100,000 barrels.

(The above story first appeared on LatestLY on Apr 10, 2020 10:22 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).