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April 10, 2020 Major oil producers except Mexico have agreed to cut production in May and June by around 10 million barrels per day. OPEC said it today, after a marathon of talks to counter the collapse in prices. In fact, the deal, which reduces production to eight million barrels a day from July to December, will need Mexico's consent to take effect.

Saudi Arabia's energy minister Abdulaziz bin Salman says that a final OPEC + oil supply pact that was agreed yesterday, "depends on" Mexico that will have to join the cuts. Opec, Russia and other allies, a group known as Opec +, have outlined a plan to cut their oil production by over a fifth, but have specified that a final agreement depends on the signing of the pact by Mexico, which had opposed to the production cuts he was asked to do. Discussions between the world's leading energy ministers will resume today. "I hope (Mexico) will get to see the benefits of this deal not only for Mexico but for the whole world. The whole deal is based on Mexico accepting it," Prince Abdulaziz bin Salman told Reuters by phone .