The energy ministers of the twenty largest economies have not made any further agreements about limiting oil production. The final statement following a video conference on Friday states only that countries are ready to take measures “to ensure the stability of the energy market”.
The final statement was only released hours after the consultation had ended. That was because Saudi Arabia and other OPEC countries are at odds with Mexico, says a source within OPEC +, as the oil cartel with its allies is called.
OPEC and Russia agreed on Thursday to temporarily cut daily production by 10 million barrels to boost oil prices. Mexico was also asked to cut production, but that country refused. After consultation with the United States, Mexico promised to reduce production earlier on Friday, but less than was requested. The US is said to account for a larger proportion as compensation.
But that proposal turns out to be insufficient for a final agreement. According to insiders, Saudi Arabia collided with Mexico again on Friday during the G20 talks.