Saudi energy minister says OPEC+ oil pact "hinges on" Mexico joining

Saudi Arabia's energy minister said on Friday that a final OPEC+ oil supply pact to reduce 10 million barrels per day, which was agreed on Thursday, "hinges on" Mexico joining in the cuts.

OPEC, Russia and other allies, a group known as OPEC+, outlined plans on Thursday to cut their oil output by more than a fifth but said a final agreement was dependent on Mexico signing up to the pact after it balked at the production cuts it was asked to make. Discussions among top global energy ministers will resume on Friday.

"I hope (Mexico) comes to see the benefit of this agreement not only for Mexico but for the whole world. This whole agreement is hinging on Mexico agreeing to it," Prince Abdulaziz bin Salman told Reuters by telephone.