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OPEC+ output cuts ‘hinges on’ Mexico joining the pact, said Saudi Arabia’s Energy Minister Prince Abdulaziz on Friday.

Further comments

Hopes Mexico would see the benefit of the OPEC+ agreement

Expects nations such as US, Brazil, Canada, and others to join OPEC+ effort to stabilize the oil market ‘using their own approaches’

Oil-price reaction

The US oil trades heavy near 23.20, having hit a new five-day low at 22.60 after Mexico turned down the OPEC+ output cuts agreement late Thursday.