Crude Oil Production Cuts Still Challenging... G20 Reaches Only Principle Agreement

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The energy ministers of the Group of Twenty (G20) held a virtual meeting on the 10th (local time) to discuss crude oil production cuts, but it was reported that they did not reach a final agreement.

AFP reported that the G20 energy ministers held a virtual meeting for over five hours to finalize an agreement on production cuts, but disagreements continued.

An official mentioned the UK, saying, "A certain European country also blocked the signing of the communique," adding that "the reason was that the current crisis is not as severe as it appears."

Bloomberg also reported, citing an official, that "the joint communique of the G20 ministers did not mention any specific production cut measures."

At the OPEC+ meeting the previous day, Mexico's production cut quota, which had emerged as a last-minute obstacle to reaching a negotiation deal, was reportedly resolved by the US partially taking on Mexico's burden.

However, it remains uncertain whether other oil-producing countries will accept the 'US-Mexico agreement,' and concerns have been raised about whether the US can persuade its domestic oil industry to reduce production.

This content was produced with the assistance of AI translation services.