We are facing demand destruction on an epic scale and Mexico tries hardball. Let’s face it, in case of a deal, China should be in it. China produces 4 MMbbl/d of crude which is almost en par with OPEC’s second-biggest oil producer Iraq. China is the 5th biggest oil producer on earth. They don’t export – given – but their production lands on an oversaturated oil market. So, if we talk about a deal then China should be in it and cut production (i.e. buy more crude from the open market) in order to do its part. In the end, it has brought this upon us. Nonsense? Wel then let’s stop hoping that some big deal will save the world and recognize that its each for himself. Don’t like it? Hard luck – wrong planet.
Mexico said it has reached an agreement with OPEC+ for deep oil-production cuts, after an intervention from U.S. President Donald Trump resolved an overnight impasse.