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
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
