G20 energy ministers meet and look to push through global cuts
Mexico balks at OPEC+ deal
The OPEC+ leaders met yesterday and at the end, Mexico balked at their OPEC proposed 400K barrel production cut. Mexico hedged itself from the sharp fall and as a result feels less inclined to cut production. They also argue that it is difficult to make cuts after it had worked hard to lift their production. Mexico offered to cut by 100K.
Today, the G20 energy ministers are meeting via video conference in an attempt to convince not only Mexico to join the OPEC+ nations to cut 10% from global supplies, but to convince the rest of the G20 to cut an additional 5% in an attempt to balance supply with demand. The OPEC+ plan yesterday was to cut 10M BPD in May and June with calls for the US and other producers to cut a futher 5M BPD.
The meeting will be the focus today.