A final OPEC+ oil supply pact that is to reduce 10 million barrels daily (BPD) awaits Mexico joining said energy minister of Saudia Arabia. The pact was agreed on Thursday.
Sources further add on the story that a group called OPEC+ has Russia and other allies devised a plan. The plan includes cutting over the fifth percent oil output. However, the final agreement is based on Mexico’s signing up to the deal after its resistance to the production cuts that it was to make. Moreover, top global energy ministers will resume the discussion on it soon.
Prince Abdulaziz bin Salman gives his input on the matter through telephone to a news agency and said, “I hope (Mexico) comes to see the benefit of this agreement not only for Mexico but for the whole world. This whole agreement is hinging on Mexico agreeing to it.”
It is important to mention that the global demand for fuel has been decreased by 30 million BPD or 30% of global usage or supply. This situation is a result of a fight against COVID-19. The planes have been grounded and vehicle usage has reduced too.
The Kingdom has taken measurements to organize a video conference for the energy ministers of 20 major economies. When the Prince was asked about countries like Brazil, Canada and the U.S joining OPEC+ cut pact, Prince Abdulaziz revealed,” They will do it in their way, using their approaches, and it is not our job to dictate to others what they could do based on their national circumstances.”