The US will slash oil output by another 250,000 barrels a day to make up the difference for Mexico and help OPEC+ boost the price, in exchange for being compensated later, President Donald Trump has announced.
The Organization of Petroleum Exporting Countries (OPEC) had asked Mexico to lower its production by 400,000 barrels a day, but met with resistance from President Andres Manuel Lopez Obrador, who eventually agreed to a cut of only a quarter of that.
AMLO, as the Mexican president is known, said on Friday that Trump “generously” offered to lower the US output by another quarter million barrels a day, to make up the difference. The US president confirmed this at his own press briefing later in the day.
“The United States will help Mexico along and they’ll reimburse us some time at a later date when they’re prepared to do so,” Trump told reporters.
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