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April 9, 2020, 8:41 p.m. EDT

OPEC+ deal to curb oil production held up by Mexico: report

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By Mike Murphy

Mexico is holding up a deal by the world's largest oil producers, including Saudi Arabia and Russia, to curb production, Bloomberg News reported late Thursday. A tentative agreement to cut 10 million barrels a day in May and June was reportedly reached by the OPEC+ nations earlier in the day, apparently ending a months-long price war, but Bloomberg reported Mexican officials refused to go along with the proposed cuts to its production, and walked out of marathon videoconference negotiations. Delegates told Bloomberg they hope to convince Mexico in further talks Friday. The proposed deal required all parties to cut production by 23%, Bloomberg said. Crude prices sank Thursday after investors worried the deal wouldn't be enough to offset a sharp drop in demand due to coronavirus-related shutdowns around the world.

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