Shortly after Mexico won a historic “Mexican standoff” with Saudi Arabia on Sunday afternoon, and was exempt from a historic 9.7mmb/d oil production cut by OPEC+ member states (which Mexico had held up for the previous 4 days after refusing to agree to the across the board 23% cut), we said that “OPEC Reaches ” Historic” Deal To Cut Oil Production As Mexico Wins “Mexican Standoff” With Saudis… But It’s Not Enough .” A few hours later, Goldman echoed what we said in a note titled ” A historic yet insufficient cut “, writing that “taking into account updated core-OPEC production guidance from April, this 9.7 mb/d “headline” deal represents a 12.4 mb/d cut from claimed April OPEC+ production (given the Saudi, UAE, Kuwait ongoing surge) but an only 7.2 mb/d cut from 1Q20 average production levels. ” Doing the math, the Goldman analyst calculated that ” the OPEC+ […]