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JUNE 2021

OPEC+ Reportedly Agreed To Cut Oil Production By 10 Million Barrels Per Day After Mexico Joins Deal

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OPEC+ Reportedly Agreed To Cut Oil Production By 10 Million Barrels Per Day After Mexico Joins Deal

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On April 10, OPEC + (Organization of the Petroleum Exporting Countries and non-OPEC oil producers) reportedly reached an output cuts deal after Mexico agreed to reduce its production by 100,000 barrels a day.

The deal was reportedly reached after Mexican President Andres Manuel Lopez Obrador spoke with US President Donald Trump.

Initially, it was proposed to Mexico to cut crude production by 350,000 barrels per day. However, the country rejected the proposal during the April 9 OPEC+ meeting thus undermining the possible deal and causing a new spike of turbulence on the market.

Now, it seems that the US will pay own price for this. According to April 10 reports, Mexico cut crude production by 100,000 barrels per day, while the United States will make an additional cut of 250,000 barrels per day for Mexico.

However, teh OPEC is yet to confirm the announcement.

On April 9, Russia, Saudi Arabia and allied producers came to terms to cut a combined 10 million barrels per day in production during a virtual meeting. If the reports about the Mexico-US deal are true, the OPEC+ deal could be finalized immidiately. This will help to stabilize the oil market, which was undermined by the recent large-scale Saudi offensive and the kingdom’s attempts to defeat other oil producers.

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Jimmy Jim

CUT KIKES NOT GAS!

Phoron

It had to happen eventually, the high production and low consumption due to covid shutdown was causing storage capacity to run out.

Jens Holm

Far out. This is not even about storage or not.

Jens Holm

That wont help a thing. The oil prices wont go up and copmpensate fx Russia if there is bo buyers.

The winners are the consumers. Hip, hip.

Me&Myself None

Both Putinatan and MBS received an order from their master Trumpet to cut this foolishness off, and both quickly oblige.

John Wallace

What’s the name of that video game. Not seen it anywhere.

occupybacon

It’s called ‘Trump says Putin obeyes’

John Wallace

Thanks , now I know why I haven’t seen it on our video games shop shelves. It would likely be in the girls fantasy section.

occupybacon

If Putin gave up crushing American shale oil companies, fot sure it was a girlish game.

John Wallace

I think you will find SA is more responsible than Putin as they wanted others to cut back more so they could increase their market share. When Putin wouldn’t play ball they pulled the plug on the prices thinking Putin would crawl back. Trump tried to get Mexico to drop their production so the price would go up but again SA wanted Mexico to make massive drop so Mexico said Fuck you Trump.. Too bad about the shale producers all going bankrupt as afterall it does poison the groundwater with all the chemicals and the locals have been pleading for years for them to stop.. Have you seen where someone turns their tap on for water and flames come out instead… The world doesn’t need oil at the moment so the shale producers would mostly be fucked anyway.

occupybacon

I agree with you on shale, I hope they go bankrupt

John Wallace

Trump trying to save the fracking industry and millions more out of a job as well as the bankruptcies.

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