Stando­ff with Mexico casts doubt on effort­s to bolste­r oil prices­RIYADH: Top oil producers struggled to finalise production cuts during a virtual summit held by G20 energy ministers on Friday, despite US President Donald Trump’s mediation efforts to end a standoff with Mexico. The final G20 communique appeared to gloss over simmering divisions over energy policy, making no mention of output cuts and pledging simply to ensure oil “market stability” amid the coronavirus pandemic. Under the OPEC deal, Mexico was expected to cut production by 400,000 barrels per day but it resisted the suggestion. Both oil producers took on lion’s share of the cuts as they agreed to slash output to around 8.5 million bpd, according to Bloomberg News. G20 ministers talk amid impasse over oil output deal“The deal currently tabled will only partially offset oil price distress,” he said.

Source: The Express Tribune April 12, 2020 03:22 UTC