OPEC+ deal to cut oil production, pending Mexico's agreement

OPEC, Russia and other allies have agreed to reduce supply by 10 million barrels per day, pending Mexico's participation

The volume represents one-fifth of current output, but Mexico has yet to join the pact, according to Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman Al Saud.

"I hope (Mexico) comes to see the benefit of this agreement not only for Mexico but for the whole world,” said Prince Abdulaziz bin Salman, speaking to Reuters. “This whole agreement is hinging on Mexico agreeing to it." 

Saudi Arabia was due to host an extraordinary meeting by video conference for G20 energy ministers later on Friday.
 

More from Business

Coming Up on Dubai Eye

  • Entertainment Extra

    1:00pm - 2:00pm

  • Afternoons with Helen Farmer

    2:00pm - 5:00pm

    Every weekday afternoon, Helen Farmer will help you to navigate the highs and lows of life in the UAE. Stay up to date with what’s happening and where to go.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Flying Taxis

    It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.

  • Tough penalties for deliberate tax evasion

    The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.