The Unexpected Holdout to a Global Oil Production Deal

The Unexpected Holdout to a Global Oil Production Deal

President put his Pemex goals over need to seal a global deal. Mexico's national oil producer, with debt of more than $100 billion , is the centerpiece of his administration's efforts to become self-sufficient in energy generation and stem a 15-year decline in production.. "Andres Manuel made the proposal to Trump and Trump accepted it.. Trump had no choice but to absorb the production cut because Lopez Obrador wasn't willing to budge, said a person familiar with the call who is not authorized to speak publicly.. The U.S. president didn't ask AMLO specifically for anything in return, the person added.. The president suggested that compensation from Mexico could be "in the distant future" while arguing there was "no real cost" of limiting U.S. production.. Ramirez said that Mexico notified OPEC+ of the side deal with the U.S. after the call late Thursday.. Global Oil Deal at Risk After Mexico Refuses Saudi-Russia Plan.