A deal between OPEC and nations including Russia to boost oil prices involves a 10 million barrels per day output cut until JulyPosted on April 10, 2020
OPEC and other producers lasted until early Friday morning, when it apparently devolved into a Mexican standoff. The cartel, Kuwait and Saudi Arabia say Mexico’s refusal to agree blocked the proposed accord.
Mexico has yet to respond, though the deal comes as prices have been gutted by the coronavirus pandemic and the COVID-19 illness it causes. Analysts warn even these proposed cuts may not be enough to offset the loss in demand.