Mexico plays hardball
Regional outlier initially baulked at Opec’s demand to scale back barrels, before bleeding oil revenues forced a rethink
Mexico proved an unusually stubborn negotiator during last week’s Opec+ alliance crisis talks in Vienna. President Andres Lopez Obrador refused to revise down production targets, despite the oil price crash’s heavy financial toll on state oil firm Pemex. Indeed, confidence that Mexico would consent to the cuts was at one point so low that US president Donald Trump weighed in with an offer of support to help it achieve the 10pc supply drop. Mexico eventually accepted a 100,000bl/d reduction, a cut significantly short of the 400,000bl/d that Opec and its allies originally demanded. The decrease represented half the volume pledged by Latin American rival Petrobras, despite the Brazilian company
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
