OPEC Meeting News: The Surprise Holdout to a Global Deal - Bloomberg:
One of the most dramatic global oil production agreements in history has been left hanging on the approval of an unlikely character: Mexican President Andres Manuel Lopez Obrador.
For weeks Russia and Saudi Arabia, two energy powerhouses, have been sparring over oil, with their dispute sending crude prices tumbling. That drew in U.S. President Donald Trump, with a strong interest in seeing prices stabilize and in supporting America’s shale industry as he campaigns for reelection in November.
And yet when Moscow and Riyadh finally seemed to have found common ground on production cuts, at a meeting on Thursday of OPEC+ nations that followed a flurry of diplomatic activity and high-level calls, it was Mexico that called time.
Lopez Obrador refused to sign off on the deal, even after the other 22 nations inked the pact to withdraw 10 million barrels a day from the market in a bid to tame a price plunge. From his office at the National Palace in Mexico City, the president known as AMLO was worried about only one thing: Pemex.
One of the most dramatic global oil production agreements in history has been left hanging on the approval of an unlikely character: Mexican President Andres Manuel Lopez Obrador.
For weeks Russia and Saudi Arabia, two energy powerhouses, have been sparring over oil, with their dispute sending crude prices tumbling. That drew in U.S. President Donald Trump, with a strong interest in seeing prices stabilize and in supporting America’s shale industry as he campaigns for reelection in November.
And yet when Moscow and Riyadh finally seemed to have found common ground on production cuts, at a meeting on Thursday of OPEC+ nations that followed a flurry of diplomatic activity and high-level calls, it was Mexico that called time.
Lopez Obrador refused to sign off on the deal, even after the other 22 nations inked the pact to withdraw 10 million barrels a day from the market in a bid to tame a price plunge. From his office at the National Palace in Mexico City, the president known as AMLO was worried about only one thing: Pemex.
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