MEXICO CITY — Many of the world’s top oil-producing nations are trying to reduce supply to counter the lower demand brought by the coronavirus pandemic. Only one country, Mexico, disagrees — and the United States is backing its neighbor.
The organization of dozens of petroleum exporting countries, known as OPEC+, wants to save the oil market from a collapse.
But Mexico argued it can’t lower its production to the suggested level, stopping the negotiations.
After a few hours, Mexican President Andrés Manuel López Obrador said in a press conference that the United States will support Mexico’s decision.
López Obrador said, chuckling, that President Donald Trump read him the list of OPEC+ members opposing Mexico before agreeing to support him.
Trump confirmed that the U.S. will lower its production to balance Mexico’s levels. He said Mexico will reimburse the U.S. later.
Analysts are concerned on the impact that Mexico’s decision will have on the global economy.
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