President Trump said Friday, April 10, the US would reduce its oil production to move forward with a tentative deal limiting global output, part of an effort by the administration to address sinking prices affecting American oil producers, reported the Hill.
An agreement outlined during a Thursday meeting of the Organization of the Petroleum Exporting Countries and other oil-producing nations known as OPEC+ would cut production by 10 million barrels a day, a 10% drop in oil production.
But that deal was stalled by Mexico, where President Andrés Manuel López Obrador has been hesitant to cut production levels following campaign promises to boost Mexico’s oil industry.
“The United States will help Mexico along, and they’ll reimburse us sometime at a later date when they’re prepared to do so,” Trump said, recapping a conversation with López Obrador.
Trump said the US would cut production levels by 250,000 to 300,000 in order to assist Mexico in meeting the parameters outlined by OPEC+, but he could not provide any details as to how Mexico would reimburse the US for cutting production.
“There’s no real cost because you’re saving it for another day,” Trump added when pressed for more details.
Full Content: The Hill
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