Mexico ready to close 19 oil fields

Mexico is ready to stop oil production at 19 new fields, where over 200 wells are operating, due to the oil prices collapse, President Andres Manuel Lopez Obrador said on Wednesday. "Last year, we started developing 19 new oil fields for the first time in many years. We have bored over 200 new wells. It will be possible to close throttles on these wells without losing pressure, while it is impossible to do so in the case of old wells and mature fields. This will help us now that we intend to reduce output," Lopez Obrador said

Brent crude fell to $22.58 (£18.19) a barrel at one point on Monday, its lowest level since November 2002.

Meanwhile, the price of US West Texas Intermediate (WTI) fell below $20 a barrel and close to an 18-year low.

Oil prices have fallen by more than half during the past month as companies cut back or close production.

In addition to the drop in demand, a price war broke out earlier this month between Saudi Arabia and Russia.