Delegates of OPEC and other oil producers including Russia – together known as OPEC+ – have been in a "joint technical committee" meeting in Vienna this week to discuss cutting production, amid fears of the coronavirus situation.
Pemex is aiming to extract 69,000 barrels per day from the site by next year, and reach 110,000 barrels per day by 2021, the chief executive of the company says.
Prices have held relatively steady since the last OPEC meeting, with a barrel of Brent crude hovering around the $60 mark, apart from a spike in September sparked by attacks on Saudi oil installations.
OPEC members’ net oil export revenues rose to $711 billion in 2018, marking a 32 percent increase in one year.
The 14-member Organization of the Petroleum Exporting Countries pumped 30.17 million barrels per day (bpd) in May, the survey showed, down 60,000 bpd from April and the lowest OPEC total since 2015, Reuters survey shows.
Brent crude oil prices on Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by US sanctions against Venezuela and Iran.
Except for Qatar, the oil producing gulf countries are adamant on raising oil prices to fill budget deficits.
The yellow vest movement has spread to several countries around the world who are protesting similar issues.
The tiny, energy-rich Gulf Arab nation of Qatar says it will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) in January.
Brent crude oil futures were trading at $85.85 per barrel at 0104 GMT, down 44 cents, or 0.5 percent, from their last close.
The Kenyan government is stuck between pleasing citizens and trying to secure a loan from the IMF in a bid to raise state revenues.
Many countries, including US allies in Europe as well as China and India oppose the sanctions, but the US government said it wants as many countries as possible to stop buying Iranian oil.
Subscribe to our Youtube channel for all latest in-depth, on the ground reporting from around the world.
Copyright © 2020 TRT World.