Saudi, Russia press on with oil cut deal at G20 talks, U.S. offers help - Reuters:
Top oil nations pushed to finalise a deal on sweeping oil cuts at G20 talks on Friday to lift prices slammed by the coronavirus crisis with Russia and Saudi Arabia taking the lion’s share and the United States showing unusual willingness to help out.
Riyadh, Moscow and its allies, which make up the informal OPEC+ group, had forged a pact to curb crude production by the equivalent of 10% of global supplies in marathon talks on Thursday and said they wanted others to cut a further 5%.
But efforts to conclude the OPEC+ deal hit the buffers when Mexico insisted it would only cut its output by a quarter of the amount demanded by OPEC+, although Mexico’s president said Washington had offered to make extra cuts on his behalf.
President Donald Trump, who had threatened Saudi Arabia with oil tariffs if it didn’t fix the oversupply problem, said the United States would help Mexico by picking up “some of the slack”, although he said Washington expected to be reimbursed. He did not say how this would work.
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