Mexico ends oil standoff with OPEC
OPEC deal 'not going to be enough to offset this incredible demand destruction'
Mexican President Andres Manuel Lopez Obrador said Friday that his country will cut its crude oil output by 100,000 barrels per day, joining OPEC and other producers in efforts to stabilize the market.
Lopez Obrador, speaking at his daily press briefing, said President Trump “generously” offered for the U.S. to reduce output by an additional 250,000 barrels a day, according to The Wall Street Journal.
OPEC was hoping Mexico would lower its output by 400,000 barrels a day, and the country's initial delay in joining the pact had jeopardized the arrangement.
"The United States will help Mexico along and they'll reimburse us some time at a later date when they're pepared to do so," Trump said at a press conference on Friday.
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Mexico didn’t end anything. The US ended it by cutting back more to save the deal with OPEC.
