 |
Louisiana Light • 3 days | 87.12 | +0.03 | +0.03% | ||
|
Bonny Light • 18 hours | 89.32 | +0.45 | +0.51% | ||
|
Opec Basket • 3 days | 86.51 | -1.01 | -1.15% | ||
|
Mars US • 173 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 20 mins | 2.735 | +0.001 | +0.03% |
|
Bonny Light • 18 hours | 89.32 | +0.45 | +0.51% | ||
|
Girassol • 18 hours | 89.90 | +0.45 | +0.50% | ||
|
Opec Basket • 3 days | 86.51 | -1.01 | -1.15% |
|
Peace Sour • 17 hours | 76.56 | +1.46 | +1.94% | ||
|
Light Sour Blend • 17 hours | 79.61 | +1.46 | +1.87% | ||
|
Syncrude Sweet Premium • 17 hours | 86.56 | +1.46 | +1.72% | ||
|
Central Alberta • 17 hours | 76.96 | +1.46 | +1.93% |
|
Eagle Ford • 3 days | 79.33 | -0.29 | -0.36% | ||
|
Oklahoma Sweet • 6 days | 79.75 | +0.50 | +0.63% | ||
|
Kansas Common • 2 days | 73.50 | +0.50 | +0.68% | ||
|
Buena Vista • 3 days | 87.02 | -0.29 | -0.33% |
New Russian Sanctions Spark Metal Market Volatility
Sanctions on Russian copper, aluminum,…
What to Expect From Xi Jinping's Upcoming Eurotrip
Chinese leader Xi Jinping's upcoming…
Trump Confirms U.S. Will Help Mexico Out With Production Cuts
U.S. President Donald Trump on Friday confirmed that the United States would “help Mexico along” in achieving the production requests that OPEC+ has asked it to make.
“I don’t know if it’s going to be acceptable. We’ll find out. 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 at a White House press briefing on Friday afternoon, without elaborating on the extend of the “help.”
OPEC+ has requested that Mexico cut 400,000 bpd, but Mexico, who is hedged to the nines, is not eager to bite off such an ambitious figure. Instead, Mexico has agreed to cut 100,000 bpd, which is unlikely to satiate OPEC+.
Not wanting the deal to fail—in fact, needing it to succeed—Trump agreed to help Mexico. According to Mexico’s President Obrador, Trump agreed to have the United States cut 250,000 bpd of its production on Mexico’s behalf to make up for its production cut shortfall. Trump did not cite this figure during the briefing and stressed that he did not know if OPEC would be okay with the deal AMLO and Trump cooked up.
It is unclear exactly how the United States would cut 250,000 bpd in such a free-market system that does not give the President the powers to mandate specific production levels. Trump has, however, on previous occasions indicated that this free market system will naturally drive U.S. producers to reduce run rates as storage nears capacity and oil prices fall.
President Vladimir Putin had previously dismissed the idea of a natural production cut as a result of the market.
The G20 group that is meeting today was set to discuss the production agreement from OPEC+. OPEC+ was hoping to pick up another 5 million bpd of cuts from G20 members today, in addition to the already 10 million bpd of cuts that OPEC+ agreed to.
By Julianne Geiger for Oilprice.com
ADVERTISEMENT
More Top Reads From Oilprice.com:
- Oil Prices Tank Despite 10 Million Barrel Per Day Production Cut
- Oil Spikes After Algeria Says OPEC+ Cuts Could Reach 10 Million Bpd
- Pandemic And Price Crash Force Gulf Oil Producers To Take On Debt
Julianne Geiger
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
Related posts
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
