The Minister of Finance, Artur Herrera, announced his country’s efforts to mediate the oil dispute between Russia and Saudi Arabia.
According to Reuters, Herrera said the conflict between the two oil giants had severely damaged the prices of crude, which was affecting the second largest economy in Latin America.
Herrera added in an interview with a Mexican radio station: "We are studying the mediation channels that we may have, and there is a need for third party intervention to build bridges between the two sides.
He also said it was very difficult for either side to take a step back, noting that Mexico had previously mediated in conflicts. He did not provide further details.
World oil prices tumbled nearly 25 percent on Monday in their worst one-day loss since the Gulf War in 1991. Saudi Arabia and Russia have started a price war threatening to flood the world's oil markets with supply.
"Either we try to do something, or we sit down and watch what happens to the price of crude oil," said Herrera.
