Mexico delays deal reached by OPEC+ to cut oil output

Mexico suspended the agreement reached by all OPEC+ group members at Thursday's meeting to reduce oil production by about 10 million barrels per day, Kuwait's oil minister Khaled al-Fadhel tweeted on Friday.

The Organization of the Petroleum Exporting Countries and its allies led by Russia, a group known as OPEC+, kicked off an extraordinary video conference on Thursday to discuss oil production cuts.

"Kuwait held marathon talks in the past days and during the meeting to create a state of consensus between the member states in the hope of rebalancing the oil markets," said the minister.

Mexican Energy Secretary Rocio Nahle, who also attended the teleconference, tweeted early Friday that Mexico is ready to reduce the national oil production by only 100,000 barrels per day in May and June.

"From 1.781 mbd (million barrels per day) of production that we reported in March 2020, we will decrease to 1.681 mbd," Nahle said, adding that Mexico agreed to stabilize the price of oil at the OPEC Secretariat meeting.