Kremlin says efforts to persuade Mexico to join oil cuts deal persist - Media source

The Kremlin said on Saturday it hoped the world’s largest oil producers would come to a consensus on output cuts and that negotiators were still trying to persuade Mexico to take part in a deal, TASS news agency reported.

OPEC, led by Saudi Arabia, and its allies, led by Russia, which together make up the informal OPEC+ group, had forged a pact to curb crude production by 10 million barrels per day (bpd) or 10% of global supplies in marathon talks this week.

But Mexico said it would only cut output by a quarter of the amount demanded by OPEC+.

“We sincerely hope that the experts... will formalize and finalize this consensus,” Kremlin spokesman Dmitry Peskov said, adding that “hard work continues at this time with our Mexican partners.”

The measures taken to curb the spread of the novel coronavirus have shattered demand for fuel and driven down oil prices.