Saudi-Russia oil deal threatened as Mexico won’t approve cuts – By Ken Martin (FOX Business) / April 10 2020
The group called OPEC+ won’t cut output without Mexico’s participation
The price of oil fell drastically after one country endangered an agreement for a record production cut.
Saudi Arabia and Russia came to an agreement after spending more than 9 hours of talks via a video link, but Mexico refused to participate in the cuts and left the meeting without approving the deal, according to Bloomberg.
The group called OPEC+ won’t cut output without Mexico’s participation.
U.S. crude is trading down 9 percent, or $2.33 at $22.76. Brent crude is down 4 percent, or $1.36 at $31.48.
The tentative agreement was to cut production by about 10 million barrels a day in May and June, according to delegates.
Continue to article: https://www.foxbusiness.com/markets/saudi-russia-oil-deal-threatened-as-mexico-wont-approve
