Mexico - opportunistic cutter
Mexico will probably end up losing more oil supply in 2017 than it pledged to cut
Mexico is in the midst of a major energy-sector overhaul that the country hopes will significantly boost its oil production. So why did it agree in Vienna to cut oil supply? Mexico had everything to gain and nothing to lose by hopping aboard. Its pledge was significant too-a 100,000-barrels-a-day drop in the early part of 2017. Aldo Flores-Quiroga, Mexico's deputy secretary for energy, was there to add some credibility to the commitment. The cuts-and more-were already coming, and not voluntarily. Mexico's Opec-endorsed production target is part of an output drop that was already announced in November. This expects the country's average annual production to fall by 215,000 b/d in 2017, to 1.9
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