Mexico cannot make additional oil output cuts, says president

Mexican President Andres Manuel Lopez Obrador said on Friday, that his country is not in a position to make additional oil output cuts beyond those agreed at the April meeting of the OPEC+ group of oil-producing countries.

At a news conference, Lopez Obrador called on countries that have not yet made promised cuts to do so, and said Mexico would not make further reductions.

“We couldn’t do any more, we’ve done our part and you can check that we’re not extracting more oil, that there was a reduction of 100,000 barrels as we offered,” the president said.

“Now those … who haven’t done it need to do it,” he added, noting that what future steps might be taken would depend on the global economy and demand for oil.

Mexico pledged to reduce output by 100,000 bpd in May and June, resisting pressure from other oil producers to make cuts of 400,000 bpd.