Kremlin says 'work' on Mexico joining oil cuts under way

The Kremlin said on Friday that "work" to persuade Mexico to join efforts to curb oil production was under way a day after marathon talks among producers produced a deal on cutting out conditional on Mexico's participation. OPEC, Russia and other producers, a group known as OPEC+, outlined plans on Thursday to cut oil output by more than a fifth, but said a final agreement was dependent on Mexico signing up after it balked at the cuts it was asked to make.

Kremlin spokesman Dmitry Peskov said Moscow welcomed the agreement and expressed hope that Mexico would take part. He also said he hoped the OPEC+ deal would have a positive impact on global markets.

Peskov added that the United States has legal restrictions on joining any cartels, however joint oil output cuts are "unavoidable".