OPEC+ outlines oil cut deal, but Mexico holds up final agreement

OPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis.

But the group, known as OPEC+, failed to secure a final agreement, which OPEC sources would depend on Mexico joining in after it balked at the production cuts it was asked to make.

Discussions were due to resume on Friday when G20 energy ministers hold additional talks.