AMLO Scores Win After Mexico Resists Demands from Oil Titans
- OPEC+ deal achieved with Mexico cutting only 100,000 barrels
- Unexpected victory likely to boost AMLO’s political projects
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Mexican President Andres Manuel Lopez Obrador scored a political victory on Sunday by convincing oil nations to let him cut production far less than other OPEC+ members, reinforcing his nationalist project to revive state-owned producer Pemex.
Mexico will only cut 100,000 barrels -- just a quarter of its pro-rated share of the 9.7 million barrels a day reduction agreed by the oil-producing nations forming OPEC+. After three days of resistance by the Latin American country, the group abandoned the initial proposal of cutting 10 million barrels per day as the most seasoned oil countries including Saudi Arabia couldn’t convince Lopez Obrador to implement a deeper cut.