Mexico says supports OPEC cuts as way to stabilize oil market

5/23/2017 Reuters

opecMexico supports an extension of OPEC’s supply cuts as a way to stabilize oil markets and bring fresh investment into the country’s growing energy sector, the Mexican deputy secretary for hydrocarbons said on Tuesday.

Aldo Flores-Quiroga said he believed members of the Organization of the Petroleum Exporting Countries should and would continue plans to coordinate oil production cuts into at least 2018. He did not say whether he preferred a six- or nine-month extension, which OPEC members are debating.

“Stable markets help provide a stable framework for investment, and that helps Mexico,” said Flores-Quiroga, who assumed his post last summer.

Oil ministers from OPEC and non-member producers meet on Thursday in Vienna.

Mexico, which is not in OPEC, has seen its oil industry atrophy in the past 50 years due to underinvestment and hostile regulation of foreign partners.

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