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Mexico to benefit from oil output cut: finance minister
November 30, 2016 / 3:30 PM / 10 months ago

Mexico to benefit from oil output cut: finance minister

Mexican Finance Minister Jose Antonio Meade speaks to the media during a news conference at National Palace in Mexico City, Mexico, November 11, 2016. REUTERS/Henry Romero

MEXICO CITY (Reuters) - Mexican Finance Minister Jose Antonio Meade said on Wednesday that any crude production cut by OPEC would be positive for Mexico’s finances and the health of state oil company Pemex after an agreement by producers to curb output.

“It was becoming clear that there could be an accord, I‘m not sure that it was reached, I don’t know the details, but if it is the case then it’s good news (for Pemex and Mexico’s finances),” Meade told reporters at an event in Mexico City.

Earlier, OPEC agreed its first limit on oil output since 2008 after Saudi Arabia said it was prepared to accept “a big hit” on production and agree to arch-rival Iran freezing output at pre-sanctions levels.

Mexico is not an OPEC member.

Reporting by Roberto Aguilar

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