U.S. agrees to oil production cuts with Mexico

PPPRA: FG spent N8.9t on subsidy between 2006 and 2015

The United States (U.S.) will cut oil production in coordination with Mexican oil reductions, in a bid to help the southern neighbour contribute to a global deal, President Donald Trump confirmed on Friday.

In response to a reporter’s question, Trump confirmed a number floated earlier by Mexico, that the U.S. would cut by 250,000 barrels per day, with the president saying this has already happened, possibly referring to declining demand.

“Yes. Which we’ve already done, by the way. We would agree to a reduction cut.

“They would agree to do something to compensate us in the future,” he said.

“Mexico is committing to do a 100,000 fewer barrels,” Trump said, adding: “The United States will help Mexico along.”

“There is a glut of oil like nobody has ever seen before,” Trump said at a White House briefing.



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