Mexico abandons negotiation with OPEC after not agreeing to cut production

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Rocío Nahle, Mexico’s energy secretary, withdrew from the virtual meeting, so the other members decide how to continue with the agreement.

Rocío Nahle, Mexico’s energy secretary, withdrew from the virtual meeting, so the other members decide how to continue with the agreement.

With this agreement, it is expected that Mexico will reduce its production by 400 thousand barrels per day and after a break to allow consultations, the virtual meeting has resumed with Mexican authorities, sources from a delegation participating in the negotiations told EFE.

Amena Bakr, a former Reuters energy correspondent, considered that Mexico’s refusal to cut production is a bad decision by the country, so the group should consider dividing Mexico’s 400,000 barrels among other members, he wrote in his account. Twitter

“This will not happen well in the history of Mexico … bad movement.”

It’s time to divide the 400k of Mexico around the #OOTT table”

He indicated that Rocío Nahle, Mexico’s energy secretary, withdrew from the virtual meeting, so the other members decide how to continue with the agreement.

“Update! The Mexican minister has withdrawn from the meeting and will not return according to a source. Now the ministers decide what to do #OOTT #opec”

Later, he shared that Iran proposed removing Mexico from the organization’s agreement; However, it seems that it has not found an echo, since the ministers are writing the document, which is still subject to the Mexican authorities joining the proposed cuts.

“Iran suggested removing Mexico from the OPEC agreement”

The ministers are drafting an agreement, but it is still subject to Mexico joining the cuts. #OOTT.”

“The heated discussions continue about what to include in today’s statement (that is, the agreement will be conditional on Mexico joining),” he wrote.

In the case of Russia and Saudi Arabia, they will reduce their production by 2.5 million barrels per day (mbd) in equal parts from a level of 11 million barrels, according to the draft agreement that the ministers of the OPEC + alliance and other producers are managing today. that the official TASS agency has had access to .

Thus, in May and June, the production of each of these two oil giants should be 8.5 million barrels per day.

According to the draft agreement, in total, the countries of the OPEC + alliance will limit their production to 10 million barrels per day , from 43.8 mbd to 33.8 mbd.

For each country participating in the cut, production should decrease by 23 percent, according to TASS.

Thus, the pact provides for Iraq to lower its pumping by one million barrels a day, the United Arab Emirates by 700 thousand barrels, Nigeria by 420 thousand barrels.

OPEC partners Venezuela, Iran and Libya will remain exonerated from the commitment to limit their withdrawals due to unintentional falls in their oil activities due to various causes.

Source: .milenio.com

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