In Mexico-Saudi Standoff, Shift to Exports May Unlock OPEC+ Deal
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As a standoff between Saudi Arabia and Mexico threatens to thwart a historic deal to cut oil production, the solution may be to shift the goalposts: measure exports rather than output.
Andres Manuel Lopez Obrador, the populist left-wing Mexican president, has put boosting the country’s oil production at the center of his industrial program. But he has also signaled he’d like to sell less crude overseas over the next few years, and refine more of it at home instead.