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Talks to Cut the World’s Oil Production Drag On for a Third Day

  • OPEC+ alliance is seeking curbs of 10 million barrels a day
  • Mexico has refused to sign off on its full share of the cuts
Iran's Salman Oil Field Ahead Of U.S. Sanctions
Photographer: Ali Mohammadi/Bloomberg
Updated on

The world’s largest oil producers were still grasping for a deal to rescue energy markets from a coronavirus-induced collapse after three days of talks. Mexico remains the last holdout.

An unprecedented reduction of about 10% in worldwide crude output was still being negotiated in bilateral talks Saturday. U.S. President Donald Trump has offered a diplomatic solution that could allow everyone to save face, but it remains unclear whether Saudi Arabia and other members of the global OPEC+ coalition will be amenable to that. Russia has said it considers the plan a done deal.