Mexico supports OPEC's oil output reduction

Dec 14, 2004 01:00 AM

Mexico has expressed its support for the decision made by the Organization of Petroleum Exporting Countries (OPEC) to reduce oil supplies by 1 mm bpd to avoid further slide in oil prices.
"(OPEC) member countries have agreed to collectively reduce the over-production by 1 mm bpd from their current actual output, effective on Jan. 1, 2005," the 11-member block said at the end of its ministerial meeting held in Cairo, Egypt.

OPEC ministers also decided to keep its total output quota of 27 mm bpd unchanged.
The state-run Mexican Oil Company said OPEC intended to prevent oil prices from falling too far after it peaked at more than $ 55 a barrel in late October. This decision showed that OPEC has taken a positive attitude to stabilizing the market after oil prices declined by 25 % recently, the company added.

The company also believed that Mexico would benefit if OPEC manages to keep the oil price at $ 35 a barrel.
Mexico, the fifth oil producer in the world, is not an OPEC member. It exports 1.8 mm bpd of oil.

Source: AngolaPress
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