Mexican President Andres Manuel Lopez Obrador said on Friday that the country is unable to further decrease its crude oil production after having made the adjustments the country agreed to in April with other members of OPEC+.
“We cannot further adjust our production. We have already closed oil wells to fulfill the commitment we made,” the president said at a press conference.
“OPEC members have already been informed of our position. We are complying with reducing oil production by 100,000 barrels. We have already complied,” Lopez Obrador said at an event held in Villahermosa, Tabasco, where he is currently on an official tour.
The Mexican president said that Secretary of Energy Rocio Nahle will participate remotely over the coming weekend in an OPEC+ meeting where members will discuss the possible extension of cuts to oil production in an attempt to stabilize fuel prices.
OPEC+ , the organization of petroleum exporting countries and other major oil-exporting nations, agreed in April to cut oil production by about 10 million barrels per day in May and June in order to strengthen oil prices, which have fallen dramatically due to the novel coronavirus pandemic and excess production.