
President Trump said Friday, April 10, the US would reduce its oil production to move forward with a tentative deal limiting global output, part of an effort by the administration to address sinking prices affecting American oil producers, reported the Hill.
An agreement outlined during a Thursday meeting of the Organization of the Petroleum Exporting Countries and other oil-producing nations known as OPEC+ would cut production by 10 million barrels a day, a 10% drop in oil production.
But that deal was stalled by Mexico, where President Andrés Manuel López Obrador has been hesitant to cut production levels following campaign promises to boost Mexico’s oil industry.
“The United States will help Mexico along, and they’ll reimburse us sometime at a later date when they’re prepared to do so,” Trump said, recapping a conversation with López Obrador.
Trump said the US would cut production levels by 250,000 to 300,000 in order to assist Mexico in meeting the parameters outlined by OPEC+, but he could not provide any details as to how Mexico would reimburse the US for cutting production.
“There’s no real cost because you’re saving it for another day,” Trump added when pressed for more details.
Full Content: The Hill
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
French Prosecutors Open Investigation into X’s Algorithmic Bias
Feb 8, 2025 by
CPI
Meta Urges US Appeals Court to Uphold $725 Million Privacy Settlement
Feb 8, 2025 by
CPI
UnitedHealth Group Withdraws Motion to Dismiss Antitrust Challenge
Feb 8, 2025 by
CPI
Tech Firms Raise Alarm Over Ex-Amazon Exec Leading UK Competition Regulator
Feb 8, 2025 by
CPI
US Consumers File Lawsuit to Block Nippon Steel’s Acquisition of US Steel
Feb 8, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Criminal Enforcement
Jan 23, 2025 by
CPI
The Antitrust Division’s Recent Work to Combat International Cartels
Jan 23, 2025 by
Emma Burnham & Benjamin Christenson
Information Sharing: The New Frontier of U.S. Antitrust Enforcement
Jan 23, 2025 by
Brian P. Quinn, Casey Kovarik & Michael Tubach
The Key Role of Guidelines on Exchanges of Information Among Competitors and the Divergent Transatlantic Paths
Jan 23, 2025 by
Rosa Abrantes-Metz & Albert Metz
Leniency, Whistleblowers, and Compliance
Jan 23, 2025 by
Richard Powers, Tara O’Malley & Cory Gordon