OPEC+ Oil-Price War: Trump Steers Historic Deal - Bloomberg:
The world’s largest oil producers were still grasping for a deal to rescue energy markets from a coronavirus-induced collapse after three days of talks. Mexico remains the last holdout.
An unprecedented reduction of about 10% in worldwide crude output was still being negotiated in bilateral talks Saturday. U.S. President Donald Trump has offered a diplomatic solution that could allow everyone to save face, but it remains unclear whether Saudi Arabia and other members of the global OPEC+ coalition will be amenable to that. Russia has said it considers the plan a done deal.
OPEC+ has made a commitment to cut a record 10 million barrels a day, “conditional on the consent of Mexico.” With Trump now personally involved, the stakes appear too high for the deal to fail. But even Trump acknowledged on Friday that he wasn’t sure if an agreement could be reached. “We are trying to get Mexico, as the expression goes, over the barrel,” Trump told reporters at the White House.
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