General pact in sight to reduce global oil supply

Is the oil war coming to an end? Producing countries agreed on Thursday to cut global crude oil production by 10 million barrels per day in May and June, about 10% of world production, and by 8 million until the end of December . The only thing missing was Mexico, which is among the top fifteen producers in the world and opposes a major cut in its extractions.

The brake seems to have been lifted. The Mexican president said Friday he had an agreement with Donald Trump, on the initiative of the American president: his country will reduce its pumping by 100,000 barrels per day only, but the United States will compensate for the weakness of its neighbor's cuts by further reducing than expected their own operation. Washington should cut American production by 250,000 barrels more than the commitments already made.

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So far, Donald Trump has refused to ask U.S. oil companies to coordinate production cuts.

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