Oil-Price War Latest News: OPEC, Saudi Arabia, Russia and U.S. - Bloomberg:
A historic multilateral deal to lower global oil production and stabilize prices, led by record cuts from Saudi Arabia and Russia, is at risk as Mexico refuses to agree to the proposed curbs.
The impasse threw into doubt efforts to revive the market from a debilitating coronavirus-induced slump. The deal by the group of nations known as OPEC+, which dwarfs previous interventions and has been encouraged by U.S. President Donald Trump, is also aimed at ending the price war between Riyadh and Moscow that helped pushed oil down to the lowest in almost two decades.
The deal is conditional on the consent of Mexico, which was the only participant not to agree to the proposal, OPEC said in a statement released after more than nine hours of talks via video link Thursday. The group doesn’t intend to meet again Friday, and will instead focus talks on a Group of 20 gathering scheduled that day, according to a delegate.
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