Mexico Not Feeling Pressure from OPEC
But OPEC is still trying to win commitments from non-OPEC nations to reduce their supplies by 500,000 bpd. OPEC has demanded the cuts to complement the cartel's pledged 1.0 million bpd in cuts scheduled to take effect Jan. 1.
Despite weeks of back-and-forth, Martens said he was optimistic that OPEC and non-OPEC nations, which also include Russia and Norway, would reach an agreement to trim supplies.
Russia has offered a cut of 150,000 bpd, while Oman has said it would slash by 25,000 bpd. Norway is slated to announce a reduction of between 100,000 and 200,000 bpd in coming days. But even if Norway meets expectations and comes up with 150,000 bpd, the non-OPEC share of the cut would still be short of the goal by 75,000 bpd.
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