Non-OPEC Mexico, which was the surprise holdout in the OPEC+ meeting in April, bailed out of the group’s one-month extension of the record production cuts. But Mexico’s share of the overall 9.7 million bpd cut is negligible and it has already—inadvertently—over-complied with the cuts in May, so the fresh dissent wouldn’t matter much in the big picture of oil supply and demand in the coming months, IHS Markit said on Tuesday. Mexico made quite an impact at the April meeting of the OPEC+ group, after disagreeing with proposals that it should reduce its production by 400,000 bpd from its October 2018 baseline, offering only a 100,000-bpd cut. After days of negotiations, Mexico won and its leftist President Andrés Manuel López Obrador said that the United States was ready to help Mexico reach its production cut quota as part of the OPEC+ deal. López Obrador has long argued that his […]