Record oil production cut hangs in the balance as G20 meeting concludes with no specifics

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Record oil production cut hangs in the balance as G20 meeting concludes with no specifics
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G20 energy ministers did not discuss specific production numbers at their extraordinary meeting, meaning the 10 million barrels per day production cut proposed by OPEC and its allies remains uncertain.

A record oil production cut hangs in the balance after energy ministers from the Group of 20 major economies on Friday agreed that stabilization in the market is needed, but stopped short of discussing specific production numbers.

"To underpin global economic recovery and to safeguard our energy markets, we commit to work together to develop collaborative policy responses," a press release said. "We recognize the commitment of some producers to stabilize energy markets. We acknowledge the importance of international cooperation in ensuring the resilience of energy systems."

Mexico's portion of the OPEC cut amounts to 400,000 bpd, which the country refused. Following Thursday's meeting, Mexico's Secretary of Energy Rocío Nahle said the country would be willing to take 100,000 bpd offline. U.S. Energy Secretary Brouillette reiterated this point on Friday, saying that about two million bpd of U.S. production would have been taken offline by the end of the year, with the number potentially as high as three million.

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