OPEC+ talks with Mexico continue on Saturday

Dhwani Mehta FXStreet

A delegate from the OPEC and non-OPEC producers (OPEC+) talks was quoted by Reuters, saying that the talks with Mexico will continue on Saturday.

The delegate added that OPEC+ and Mexico had made further progress.

This comes after a delegate from the G20 energy ministers meeting said that Mexico's position on OPEC+ deal is unchanged. OPEC+ asked Mexico to cut production by 400K barrel per day (bpd) against the latter’s 100K bpd proposal.

Meanwhile, the Mexican President Andres Manuel Lopez Obrador said that his American counterpart Donald Trump offered Mexico compensation for 350K bpd cut and that the US will make extra 250K bpd cuts to support the South American country.

Oil poised for a big move on Monday

Mexico’s rejection of the OPEC+ output cut deal on Thursday had battered oil prices while the Good Friday holiday-thinned trading offered some respite to the bulls.

Both crude benchmarks are poised for a wild weekly opening on Monday, with a OPEC+ output cuts deal likely to be sealed in today.

However, the moves could likely be contained, as most major world markets will be closed due to Easter Monday.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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