Mexico agrees to reduce oil production

Mexico reached an agreement with OPEC and several other oil-producing nations on 10 December 2016 to decrease crude oil production by 100,000 barrels per day (bpd) (El Financiero). According to Pemex’s business plan, Mexico will join the global agreement to help alleviate the excess supply of oil, which has been blamed for low prices (El Financiero). Sources from the Mexican Energy Secretariat stated the agreement would restore balance to the oil market and ensure international energy security for both oil producing and consuming nations (Milenio). Altogether, non-OPEC producing countries agreed to cut their crude oil production by a total of 558,000 bpd, adding to the 1.2 million bpd reduction announced by OPEC on 30 November 2016 (Milenio, El Financiero).