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Us Mexico Oil Agreement

However, on condition of anonymity, a Mexican official expressed concern that the oil deal would put pressure on Mexico to be less critical of U.S. foreign policy in Latin America, particularly Venezuela. Mexico City said it has reached an oil-production cuts agreement with OPEC after an intervention by U.S. President Donald Trump resolved an overnight inpasse, though it was unclear whether Saudi Arabia had accepted the proposal. A final agreement depended on Mexico, which had questioned the amount of cuts it was being asked for. Oil markets were closed on Friday as G20 energy ministers discussed the deal. In cases where there is no agreement on unification, the agreement would ultimately allow unilateral production on either side up to the amount of hydrocarbons that is present on its side of the border. Opec`s producer organization and its allies said they had tentatively agreed to cut production by about 10 percent from pre-crisis production. An additional 5 million barrels will be cut by other oil-exporting countries. «There was no secret agreement,» he told reporters at a regular press conference. «Nothing.» OPEC has pledged to reduce a record 10 million barrels per day ,»according to Mexico`s agreement.» Now that Trump is personally involved, the stakes are too high for the deal to fail. But even Trump acknowledged Friday that he wasn`t sure a deal could be reached. «We`re trying to get Mexico on the barrel, as the phrase says,» Trump told reporters at the White House.

Background: This agreement would establish a framework for cooperative exploration and the exploitation of hydrocarbon resources that cross the U.S.-Mexico maritime border in the Gulf of Mexico (with the exception of areas under the jurisdiction of Texas). It would allow for the first time tenants on the U.S. side of the border to cooperate with the Mexican national oil group Petroleos Mexicanos (Pemex) for the joint exploration and exploitation of hydrocarbon resources. The Mexican market has long been closed to U.S. participation.