OPEC, Allies Agree to Massive Cut In Global Oil Production

oil

The Organization of the Petroleum Exporting Countries and allied oil producers will decide on Friday whether Mexico’s proposal to reduce its daily output is enough to secure a deal to cut global oil production.

Mexican President Andres Manuel Lopez Obrador announced the cuts after he spoke with US President Donald Trump.

“When I told him [US President] that it was 100,000 (barrels) and we couldn’t do any more, he very generously said to me that they were going to help us with the additional 250,000 to what they are going to contribute,” Obrador said at a news conference on Friday as cited by Reuters.

RT

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