The United States agreed on Thursday to make 250,000 barrels per day in additional cuts to oil output to help Mexico contribute to global reductions, Mexican President Andres Manuel Lopez Obrador said on Friday.
Lopez Obrador, who has made increasing oil output one of the priorities of his administration, said U.S. President Donald Trump had spoken to him on Thursday and offered to help before Mexico announced it would cut output by 100,000 barrels per day. Lopez Obrador's announcement of U.S. cuts came as a surprise, given Trump's past reluctance to ask for coordinated cuts by U.S. oil producers.
George Baker, a Texas-based oil analyst, said Trump may have calculated that with crude output likely to decline sharply in the near term because of the economic impact of the coronavirus outbreak, he did not have much to lose in making such a pledge to cut output. Trump has made cutting illegal immigration across the U.S.-Mexico border a top priority, and has pushed Mexico into taking a series of measures to toughen up policing of the frontier and to cope with a surge in migrants trying to apply for U.S. asylum.
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