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Mexico - May 2020

Trying to adjust to oil price crash

Mexico attracted the world’s attention during the 9 April extraordinary meeting of the so-called Opec+ grouping of oil producing countries -which includes the 13 members of the Organization of Petroleum Exporting Countries (Opec) in addition to 10 more oil exporting countries that include Mexico. The aim of the virtual meeting was to reach an agreement to curb global crude oil output after a previous unsuccessful conference on 6 March led to a severe price war as a result of Russia and Saudi Arabia’s inability to reach production reduction agreement. The collapse in oil global demand that has resulted from the coronavirus (Covid-19) pandemic has exacerbated crash in international oil prices, hurting all countries that rely on oil export revenue and representing a setback to the Mexican government’s plans to revive its ailing oil industry.

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