Mexico to Shut Down Wells a Week After Refusing Deep OPEC+ Cuts

With crude prices collapsing, Mexico’s president says his country will shut down new wells in a move that comes just over a week after he almost wrecked a global oil deal by refusing to make deep output cuts.

The country invested last year in drilling new wells, Andres Manuel Lopez Obrador said during his daily morning press conference on Tuesday. But “now that oil has no value, we can shut down the valves,” he added. His reasoning: Valves on newer wells “don’t lose pressure” like those on older wells.

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