President Donald Trump said Friday that the U.S. will later refund the aid given to Mexico to reduce oil production after OPEC, Russia and other producers reached an agreement to reduce their supply.
The president indicated that the US is trying to get Mexico to overcome this situation: “Mexico is committing to 100,000 barrels less… The US will help Mexico and they will reimburse us in the future”.
“They (Mexicans) agree to do something to compensate us in the future,” Trump said at the daily press conference of the White House COVID-19 task force.
The president said that last night he spoke about this issue with his Mexican counterpart, Andres Manuel Lopez Obrador, who, he recalled, “helps” the U.S. on the border; and added that he has held talks with Russia and Saudi Arabia on the matter.
Lopez Obrador assured this Friday that his country has joined the OPEC pact to reduce production, but with a decrease of only 100,000 barrels per day and after also agreeing with the US, that in compensation it will lower its production a bit more.
“The United States is committed to further reducing what it was going to deliver. It’s 250,000 (barrels per day), says President (Donald) Trump, which is for Mexico, to compensate,” said the Mexican president from the National Palace.
On Thursday, OPEC, Russia and other oil producers reached a basic agreement to reduce their oil supply by 23 % because of the crisis in the sector caused by the COVID-19 pandemic.
However, according to sources close to the negotiation, the entry into force of the pact had been conditioned to the participation of Mexico, and even its Energy Minister, Rocio Nahle, had left the telematic meeting.
During his press conference, Trump was asked about the reason why Mexico has to compensate the U.S. and highlighted that the southern neighbour did not agree with the initial agreement of the OPEC+ meeting, so he agreed to intervene to solve the problem.
“They will compensate us in different ways,” he said.
For his part, López Obrador played down the alleged tension that his negotiators caused at the meeting.
“Mexico is going to help stabilize the prices that have plummeted in recent days,” said the leader of the leftist National Regeneration Movement (Morena).
In this way, and as reported this Thursday by the Minister of Energy of Mexico, the country’s production will increase from 1,781 million barrels per day in March 2020 to 1,681 million barrels.