Mexico says Nigeria, RI cheated on oil cuts<\/p>\n
MEXICO CITY (Reuters): Mexico's Energy Minister Luis Tellez on
\nFriday said Indonesia, Nigeria and probably Iran had not complied
\nwith their pledged oil production cuts in March's Riyadh pact.<\/p>\n
Oil producers agreed in a pact from Riyadh spearheaded by
\nMexico, Saudi Arabia and Venezuela, to cut 1.5 million barrels
\nper day (bpd) from world supply as of April, but official figures
\nshow cuts weighed in at about 900,000 bpd.<\/p>\n
\"We know that Indonesia has not fulfilled the production cuts
\nit committed to, but it is a more complicated situation.
\nNigeria has not complied, but it is in the midst of a civil war,\"
\nTellez told reporters.<\/p>\n
Indonesia pledged to cut 70,000 bpd from output, and Nigeria
\ncommitted to 125,000 bpd. Neither country has said how much they
\nmay cut in a second round of cuts, which is expected to be
\nratified by the Organization of Petroleum Exporting Countries
\n(OPEC) at its meeting that begins on Wednesday.<\/p>\n
Tellez added that he had heard Iran may not have complied, but
\nsaid he could not be sure. Iran has agreed to trim a total
\n240,000 bpd in the two rounds of cutbacks.<\/p>\n
While Tellez reiterated that Venezuela and Saudi Arabia had
\nfollowed through with their pledged cuts from Riyadh, he did not
\nexplain his proof.<\/p>\n
\"Saudi Arabia, Venezuela and Mexico, which were the countries
\npromoting the agreements, are completing their reductions
\nrigorously,\" he said.<\/p>\n
Venezuela's oil monopoly chief Luis Giusti said earlier this
\nweek that not all producers had followed through with their
\npromised cuts.<\/p>\n
Non-OPEC Mexico committed to cut 100,000 bpd from its exports
\nin the Riyadh pact, and in a second agreement in Amsterdam,
\npledged to cut another 100,000 bpd. After the cuts, Mexico would
\nexport an average 1.64 million bpd from July 1 through the end of
\nthe year.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/mexico-says-nigeria-ri-cheated-on-oil-cuts-1447893297",
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"sponsor": "Okusi Associates",
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