UPDATE: Mexico says ready to cut oil output by 100,000 bdp, US to cut more

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MOSCOW, Apr 10 (PRIME) -- Mexico has agreed to cut oil output by 100,000 barrels per day and coordinated the decision with the U.S. which will additionally cut its output by 250,000 barrels per day out of the 350,000 barrels per day quota proposed for Mexico earlier by the new OPEC+ deal, Mexican President Andres Manuel Lopez Obrador said in a statement released on his Twitter page on Friday.

“I have talked to President Trump, and we have agreed that oil production (in Mexico) should be reduced by 100,000 barrels per day. The U.S. promised to cut its output by additional 250,000 barrels per day to help Mexico,” Obrador said.

“We will participate in the OPEC deal, Mexico will make a contribution to stabilization of oil prices.”

Russian Energy Minister Alexander Novak said during an online conference of the G20 states’ energy ministers, broadcasted by Rossiya 24 television channel, that President Vladimir Putin confirmed Russia’s intention to cooperate with other states to restore stability of the energy market.

“(Putin) confirmed that Russia is ready to go through its part of the way in cooperation with its partners. Restoration of the energy market’s stability and energy security are the keys to solving multilayer problems including healthcare, welfare problems, and are a safety factor at all the stages of weathering the current crisis,” Novak said.

Russia sees the G20’s role in overwhelming support of OPEC+ states’ efforts to stabilize the oil market, Novak also said, adding that the G20 needs an effective mechanism of monitoring and reacting to the energy market situation.

The balance between crude producers and consumers’ interests should be found to ensure further stable economic development, Novak also said.

U.S. Energy Secretary Dan Brouillette said that the global energy markets need stabilization as the current fall in oil prices is dangerous.

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