The oil price meltdown will affect Mexico’s economy and is bound to deepen the global economic crisis, Mexican President Andrés Manuel López Obrador said on Tuesday, a week after he clinched what he touted as a significant victory in Mexico’s foreign policy, refusing to agree to the cuts that OPEC+ had carved out for his country. Mexico will try to reduce spending with additional austerity measures amid the coronavirus pandemic and the oil price collapse, but it will not dismiss government staff, López Obrador said, as quoted by Reuters. López Obrador’s ‘Mexico First’ energy policy agenda turned the OPEC+ meeting earlier this month into a soap opera after Mexico, part of the non-OPEC producers in the OPEC+ group, disagreed with proposals that it should reduce its production by 400,000 bpd from its October 2018 baseline, offering only a 100,000-bpd cut. The fact that Mexico’s oil hedge protects it from […]