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Weekly Report - 16 April 2020 (WR-20-15)

TRACKING TRENDS

MEXICO | Mexican standoff over oil production. On 12 April, the Organization of the Petroleum Exporting Countries (Opec) announced that an agreement had been reached between its members and some of the world’s other major oil producers to reduce crude production to stabilise the global oil market. International oil prices have fallen sharply due to the fall in global demand for oil amid the Covid-19 pandemic and the previous failure by Opec and other producers to agree to cut production. The agreement of the so-called Opec + grouping to cut production by 9.7m barrels per day (bpd) between May and June came after hours of negotiations and despite Mexico’s refusal to reduce its production by the 400,000bpd proposed during the videoconference.

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