This weekend, OPEC and its partners
managed to agree on a historic oil production cut to the tune of 9.7
million bpd. The initial number the cartel eyed was 10 million bpd, some
300,000 bpd higher than what it managed to agree upon.
Most
global oil producers were happy to cut output in the face of the
greatest glut in history, but one nation wasn’t keen on participating.
As
Oilprice.com reported last Friday, Mexico was asked to cut oil
production by 400,000 bpd, a large cut for a producer that has seen its
production gradually decline over the last decade. The North American
country would have suffered a double whammy of low oil prices and
falling production if it wasn’t for their hedging strategy.
https://oilprice.com/Energy/Crude-Oil/China-Plans-To-Copy-Mexicos-Mega-Oil-Hedge.html
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