ARN News Centre

OPEC+ deal to cut oil production, pending Mexico's agreement

Friday, 10 April 2020 12:35

OPEC, Russia and other allies have agreed to reduce supply by 10 million barrels per day, pending Mexico's participation

The volume represents one-fifth of current output, but Mexico has yet to join the pact, according to Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman Al Saud.

"I hope (Mexico) comes to see the benefit of this agreement not only for Mexico but for the whole world,” said Prince Abdulaziz bin Salman, speaking to Reuters. “This whole agreement is hinging on Mexico agreeing to it."

Saudi Arabia was due to host an extraordinary meeting by video conference for G20 energy ministers later on Friday.

More from Business

H.H. Sheikh Mohammed highlights expansion of economic ties with Africa

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has emphasised the UAE's commitment to strengthening economic ties with African nations.
Abu Dhabi Airports posts strong passenger, cargo growth

Abu Dhabi Airports has reported its 18th consecutive quarter of double-digit passenger growth.
New deal with Microsoft values OpenAI at $500 billion

Microsoft and OpenAI reached a deal to allow the ChatGPT maker to restructure itself into a public benefit corporation, valuing OpenAI at $500 billion and giving it more freedom in its business operations.
Apple races past $4 trillion market value

Apple topped $4 trillion in market value for the first time on Tuesday, the third Big Tech company to hit the milestone, as robust demand for its latest iPhone models allayed fears over its slow progress in the AI race.
Amazon targets as many as 30,000 corporate job cuts, sources say

Amazon is planning to cut as many as 30,000 corporate jobs beginning on Tuesday, as the company pares expenses and compensates for overhiring during the peak demand of the pandemic, according to three people familiar with the matter.