Following OPEC meeting, Trump says U.S. will assume responsibility for Mexico's oil production cuts

President Trump said Friday that he's successfully brokered a deal in which OPEC+ nations agree to cut their daily oil production by 10 million barrels, with Mexico the lone hold-out nation.

Trump said that he has spoken with Mexican President Andrés Manuel López Obrador and told him that the United States will assume several hundred thousand barrels per day of oil cuts on Mexico’s behalf.

The president's announcement follows a marathon, nine-hour meeting Thursday among the OPEC+ nations in which they agreed to the reduction output – as demand falls as a result of the coronavirus.

Gasoline in some parts of the U.S., as a result, is selling for a little as a dollar a gallon.

Mexico had reportedly been asked to cut closer to 400,000 daily. A statement released by OPEC following the meeting said that “the agreement is conditional on the consent of Mexico.”

Trump said Friday that he understands the Mexican president's political situation, considering he made increasing oil output one of the priorities of his administration, and that “they will reimburse us at a later date.”

According to the details released by OPEC following the meeting, the plan to cut production globally by10 million barrels per day will last through June, when the number will drop to eight million. In January of 2021 the number will decrease again to six million barrels per day, which will remain constant through April 2022.