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☆ Oil prices turn higher as Middle East ceasefire hopes wane
▼ + stars: | 2024-04-09 | by ( ) www.cnbc.com time to read: +2 min

Active pump jacks increase pressure to draw oil toward the surface at the South Belridge Oil Field on Feb. 26, 2022, in unincorporated Kern County, California. Oil prices rose in early Asian trading after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tension in the Middle East. Brent crude futures rose 40 cents to $90.78 a barrel by 0032 GMT. U.S. West Texas Intermediate (WTI) crude rose 35 cents to $86.78. The market is continuing to weigh the risk of a disruption to oil supply.

Persons: Brent, Benjamin Netanyahu, Tony Sycamore, Pemex Organizations: Brent, . West Texas, IG, ANZ Locations: Kern County , California, Israel, Gaza, Cairo, Rafah, Syria, Tehran, Damascus, U.S, China, Americas, Europe

☆ Oil gains as market buffeted by supply worries
▼ + stars: | 2024-04-03 | by ( ) www.cnbc.com time to read: +2 min

Oil wells are seen at an oil facility by the Highway 5 near Bakersfield in California, U.S. on Nov. 27, 2022. Oil prices extended gains on Wednesday as a larger than expected fall in U.S. crude inventories and escalating geopolitical tensions raised investor worries about tighter supplies. U.S. crude oil inventories fell by 2.3 million barrels last week, higher than the 1.5 million barrel drop forecast by analysts in a Reuters poll. Russia, among the top three global oil producers and one of the largest exporters of oil products, has been contending with Ukrainian attacks on oil refineries and has also attacked Ukrainian energy infrastructure. The U.S. dollar also edged down against a basket of currencies on Wednesday, helping support demand for dollar-denominated commodities like oil.

Persons: Brent, WTI, Israel, Pemex Organizations: U.S, West Texas, Reuters, The U.S Locations: Bakersfield, California, U.S, Brent, Ukrainian, Russia, Iran, Damascus, Dos Bocas

☆ China's oil demand growth could halve from pre-Covid levels as property, auto sectors struggle
▼ + stars: | 2024-02-28 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

A view shows part of the state oil firm Petroleos Mexicanos (Pemex) refinery in Salamanca. The consultancy expects demand growth to be around 250,000 bpd to 350,000 bpd, less than half of what it was in 2019 — demand growth will not return to the million barrels per day seen between 2015 and 2020. China's oil demand growth this year could be half of pre-Covid 2019 levels, according to Eurasia Group, as key segments of the world's second-largest economy struggle from a slowdown. The incremental fuel demand growth in China that the oil industry has come to literally bank on over the past two decades is no more. China will lose its spot to India as the primary driver for global oil demand through 2030, the International Energy Agency said in a report.

Persons: Petroleos, Linda Giesecke Organizations: Eurasia Group, International Energy Agency, JPMorgan, CNBC Locations: Salamanca . State, Guanajuato, Mexico, Eurasia, China, India

The documents showed that the government also labeled as part of its climate change efforts items as disparate as Navy security operations and distributing fortified milk among the rural poor. Of this, Pemex spent 5.6 billion pesos on climate change and 1.3 billion pesos on the energy transition in the same period, the public accounts show. "Mexico started really strong," said Maria Jose de Villafranca, the lead researcher for Mexico at Climate Action Tracker. The government did not make officials available to discuss its climate change plans. Mexico has not released information about its strategy, which has been criticized by climate change experts as non-compliant with the Paris Agreement.

Persons: Gustavo Graf, Andres Manuel Lopez Obrador, Lopez Obrador, Lopez Obrador's, Pemex, Victor Gomez, Gomez, Maria Jose de Villafranca, There's, Jason DeVito, Stefanie Eschenbacher, Simon Jessop, Dave Graham, Claudia Parsons Organizations: REUTERS, MEXICO CITY, Reuters, United, CFE, United Nations, Navy, Federated Hermes, Thomson Locations: El Bosque, Mexico, MEXICO, DUBAI, United States, Paris, United Nations, Dubai, CFE, Mexico City

[1/2] The logo of Petroleos Mexicanos (Pemex) is pictured at the company's headquarters in Mexico City, Mexico July 26, 2023. REUTERS/Raquel Cunha/File Photo Acquire Licensing RightsMEXICO CITY, Nov 7 (Reuters) - Mexican state energy company Pemex and U.S. liquefied natural gas (LNG) company New Fortress Energy (NFE.O) have terminated a deal to develop potentially the country's first deepwater natural gas project that was signed a year ago, two sources with direct knowledge of the matter said. Last month, Pemex decided to halt the project after NFE wanted to impose conditions Mexican officials considered unacceptable, including NFE buying the natural gas too cheaply from Pemex, one of the sources said. Pemex wanted to develop Lakach with the U.S. company using a service contract, a mechanism used prior to the Mexico's energy sector opening in 2013-14. Reuters previously reported that officials at the CNH and Pemex had been at odds over how to develop Lakach and other large fields.

Persons: Raquel Cunha, Pemex, NFE, Lakach, Andres Manuel Lopez Obrador, Stefanie Eschenbacher, Ana Isabel Martinez, Mariana Parraga, Adriana Barrera, Dave Graham, Marguerita Choy Organizations: REUTERS, MEXICO CITY, New Fortress Energy, U.S, Reuters, U.S . Department of Energy, Thomson Locations: Mexico City, Mexico, MEXICO, Gulf of Mexico, Veracruz, Gulf, Tamaulipas, Altamira, Houston

☆ Mexico's Pemex gets billions more in government support
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +3 min

The logo of Petroleos Mexicanos (Pemex) is pictured at the company's headquarters in Mexico City, Mexico July 26, 2023. In October, Pemex received 55.9 billion pesos ($3.2 billion) from the government to strengthen its financial position, accounts show. Separately, Pemex received 71.7 billion pesos over the quarter for debt amortizations. Instead of focusing so much on Pemex, Mexico could have made more of private-sector investment, boosting renewable electricity output and reducing fossil fuel reliance, he said. Pemex also reported a third-quarter net loss of 79.13 billion pesos, revenues of 462 billion pesos and a financial debt of $105.8 billion.

Persons: Raquel Cunha, Pemex, Octavio Romero, Andres Manuel Lopez Obrador, Carlos Urzua, Lopez Obrador, Valentine Hilaire, Ana Isabel Martinez, Adriana Barrera, David Alire Garcia, Stefanie Eschenbacher, Anthony Esposito, David Holmes, Jonathan Oatis Organizations: REUTERS, Reuters, Thomson Locations: Mexico City, Mexico, MEXICO, Dos Bocas, Pemex

☆ Mexico's lower house OKs major tax cut for indebted state-run Pemex
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

The logo of Petroleos Mexicanos (Pemex) is pictured at the company's headquarters in Mexico City, Mexico July 26, 2023. Pemex's profit sharing rate (DUC), which is effectively a tax paid to the government, has been gradually lowered during President Andres Manuel Lopez Obrador's administration from a high of 65%. The bill's original draft, sent by the finance ministry, pitched a reduction to 35%, though ruling lawmakers voted for a larger cut. Pemex is the most heavily indebted oil company in the world, facing some $110.5 billion in debt and hefty amortizations in 2024. Lopez Obrador said last week that he wanted to further reduce Pemex's tax burden.

Persons: Raquel Cunha, Andres Manuel Lopez Obrador's, Lopez Obrador, Ana Isabel Martinez, Kylie Madry, Jonathan Oatis Organizations: REUTERS, MEXICO CITY, Thomson Locations: Mexico City, Mexico, MEXICO

☆ Powerful Mexican oil union boss who became symbol of corruption dies at 79
▼ + stars: | 2023-10-20 | by ( Dave Graham | ) www.reuters.com time to read: +4 min

Local media reported that Romero Deschamps died of a heart attack on Thursday. Days earlier, President Andres Manuel Lopez Obrador announced that Romero Deschamps was under criminal investigation for corruption, allegations which he denied and was never prosecuted for. Romero Deschamps was included in a list of the "10 Most Corrupt Mexicans" published by Forbes in 2013. He, however, rode out scandals even as other top Mexican union leaders fell foul of the law, including the former boss of the powerful teachers' union, Elba Esther Gordillo, who was arrested on fraud charges early in 2013. While a government audit later revealed anomalies covering 2.3 billion pesos ($188.97 million) in the so-called Pemexgate scandal, Romero Deschamps himself escaped unscathed.

Persons: Carlos Romero Deschamps, Petroleos, Edgard Garrido, Romero Deschamps, Pemex, Andres Manuel Lopez Obrador, Enrique Pena Nieto, Elba Esther Gordillo, Francisco Labastida, Paulina, Jose Carlos, Ferrari Enzo, Lopez Obrador, Dave Graham, Marguerita Choy Organizations: REUTERS, MEXICO CITY, Local, Institutional Revolutionary Party, Senate, Pemex, Forbes, Reforma, Thomson Locations: Mexico City, Mexico, MEXICO, Latin America, Mexico's, Tampico, Tamaulipas, Hidalgo, Cancun, Europe, Miami

☆ Mexico President Taps New Energy Chief as His Term Enters Final Year
▼ + stars: | 2023-10-16 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

MEXICO CITY (Reuters) - Mexican President Andres Manuel Lopez Obrador announced he has picked Miguel Angel Maciel to be his next energy minister, less than a year before the end of his six-year government, he wrote in a Monday post on social media. Maciel will replace Rocio Nahle, who served as energy chief and chair of the board of state-owned oil company Pemex since the beginning of Lopez Obrador's term in late 2018. Maciel has previously served as deputy energy minister, and Lopez Obrador stressed in his post on X that the petroleum engineer by training is trusted "due to his honesty and proven convictions in favor of national sovereignty." Nahle formally left her job as minister before the president's most important energy infrastructure project, the Olmeca oil refinery in his home state Tabasco, has come online. Lopez Obrador tasked Nahle with overseeing the project, which is running behind schedule and over budget.

Persons: Andres Manuel Lopez Obrador, Miguel Angel Maciel, Maciel, Rocio Nahle, Lopez, Nahle, Lopez Obrador, Noe Torres, Stefanie Eschenbacher, Valentine Hilaire Organizations: MEXICO CITY Locations: MEXICO, Veracruz, Tabasco, Dos Bocas, Houston, wean Mexico

☆ Mexico Energy Secretary Steps Down, to Seek Veracruz Governorship
▼ + stars: | 2023-10-13 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

MEXICO CITY (Reuters) -Mexico Energy Secretary Rocio Nahle has presented her resignation and will step down immediately, Mexican President Andres Manuel Lopez Obrador said on Friday, as she prepares to enter the race for governor of Veracruz state. The refinery aims to help Mexico become energy self-sufficient but has not yet begun to market its products. The list also includes Eric Cisneros and Zenyazen Escobar, who resigned from their posts as Veracruz government secretary and education secretary, respectively. The current state governor is MORENA's Cuitlahuac Garcia. Nahle sent a message on social messaging platform X thanking Lopez Obrador.

Persons: Rocio Nahle, Andres Manuel Lopez Obrador, Lopez Obrador, Nahle, Miguel Angel Yunes, MORENA, Sergio Gutierrez Luna, Claudia Tello, Manuel Huerta, Eric Cisneros, Zenyazen Escobar, MORENA's Cuitlahuac Garcia, Diego Ore, Aida Pelaez, Fernandez, Sarah Morland, Lincoln Organizations: MEXICO CITY, Mexico Energy, Dos Bocas, PAN Locations: MEXICO, Mexico, Mexican, Veracruz, of Mexico, Dos, Tabasco

A sign is pictured in front of the Vitol Group trading commodities building in Geneva October 4, 2011. The two Pemex documents are also not public. As part of the settlement, Vitol also dropped a lawsuit against PMI Comercio Internacional, Pemex's international trading arm, for $1.21 million for alleged damages to a refinery in Cressier, Switzerland. Meanwhile, legal proceedings tied to the graft scandal continue in Mexico but also the U.S., where a former employee is on trial, and Ecuador. The graft scandal Vitol acknowledged dates back to Lopez Obrador's predecessors.

Persons: Denis Balibouse, Pemex, Andres Manuel Lopez Obrador, Vitol, Lopez, Adriana Barrera, Stefanie Eschenbacher, Ana Isabel Martinez, Stephen Eisenhammer, Marguerita Choy Organizations: Vitol, REUTERS, MEXICO CITY, Reuters, U.S . Department of Justice, PMI Comercio Internacional, Mexican, Thomson Locations: Geneva, MEXICO, Swiss, Brazil, Ecuador, Vitol, Mexican, U.S, Cressier, Switzerland, Veracruz, Mexico

[1/2] The logo of Petroleos Mexicanos (Pemex) is pictured at the company's headquarters in Mexico City, Mexico July 26, 2023. A third senior trading source confirmed that Vitol had resumed business with Mexico. Neither the deals nor the fact that Mexico resumed trading with Vitol have previously been reported. Vitol declined to comment while Pemex and the Mexican government did not respond to requests for comment. Eventually, Pemex officials pulled the plug on contract negotiations after Vitol officials refused their proposed changes to terms.

Persons: Raquel Cunha, Pemex, cargos, Vitol, Arvin, Andres Manuel Lopez Obrador, Octavio Romero, Pemex's Romero, Javier Aguilar, Aguilar, Stefanie Eschenbacher, Ana Isabel Martinez, Dmitry Zhdannikov, Luc Cohen, Marianna Parraga, Florence Tan, Stephen Eisenhammer, Marguerita Choy Organizations: REUTERS, Reuters, U.S . Department of Justice, Thames, Thomson Locations: Mexico City, Mexico, MEXICO, Swiss, Brazil, Ecuador, Liberia, Houston, Pajaritos, Denmark, Tuxpan, Tampico, America, Geneva, U.S, Brooklyn, London, New York, Singapore

☆ Mexico sees similar economic growth next year, more help for Pemex
▼ + stars: | 2023-09-09 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +3 min

A draft seen by Reuters had forecast 2024 economic growth at 2.4%, below the final published figure. The 2024 budget will now be debated by lawmakers in Congress, where the ruling coalition of President Andres Manuel Lopez Obrador commands majorities in both chambers. The key 2024 oil price is used to estimate a large amount of government revenue. State oil company Pemex's overall budget will be cut 36%, according to the draft budget from 2023 funding levels. The draft budget projects those costs will dip next year by about 4.75 billion pesos ($270 million), or down by 7.6% in inflation-adjusted terms.

Persons: Mexico's Finance Ministry Rogelio Ramirez de la, Raquel Cunha, Andres Manuel Lopez Obrador, Ana Isabel Martinez, Carolina Pulice, Sarah Morland, Stephen Eisenhammer, Chizu Nomiyama, Leslie Adler, William Mallard Organizations: Mexico's Finance Ministry, REUTERS, Reuters, DUC, Thomson Locations: Mexico City, Mexico, MEXICO, Brazil

☆ Mexico's Sheinbaum eyes historic presidency as guardian of Lopez Obrador legacy
▼ + stars: | 2023-09-07 | by ( Dave Graham | ) www.reuters.com time to read: +5 min

[1/5] Former Mexico City Mayor Claudia Sheinbaum gestures as she speaks on the day of the announcement of the results of an internal national polling which declared Sheinbaum as the presidential candidate, in Mexico City, Mexico September 6, 2023. loadingSheinbaum and her mentor, President Andres Manuel Lopez Obrador, a trenchant critic of the establishment before he took power, would not meet until years later. On Wednesday, MORENA said Sheinbaum, who in June stood down as Mexico City mayor to pursue the nomination, would be its candidate to succeed Lopez Obrador. Lopez Obrador regularly lambasts adversaries at daily news briefings. Lopez Obrador appointed Sheinbaum city environment minister, and she became a close ally.

Persons: Mexico City Mayor Claudia Sheinbaum, Sheinbaum, Raquel Cunha, Claudia Sheinbaum, Andres Manuel Lopez Obrador, MORENA, Lopez Obrador, Marcelo Ebrard, Xochitl Galvez, Antonio Ocaranza, Ernesto Zedillo, Carlos Salinas, Mexico's, Salinas, Lopez, Rene Cervera, Ebrard, Cervera, Dave Graham, Diego Ore, Aurora Ellis Organizations: Mexico City Mayor, REUTERS, Trade, National Regeneration, Mexico City, Reuters, Stanford University, Institutional Revolutionary Party, Thomson Locations: Mexico City, Mexico, MEXICO, Mexican, Tabasco, MORENA

Mexico President Andres Manuel Lopez Obrador's steps to roll back reforms aimed at opening Mexico's power and oil markets to foreign competitors ultimately sparked the trade dispute. The steps add to a significant worsening of trade relations between Washington and Mexico City, even as their economic integration grows. Like the energy policies, Washington argues that banning GMO corn for human and animal consumption violates Mexico's obligations under the trade pact. The White House has hoped to avoid escalating energy trade tensions with Mexico as it sought help on immigration and drug trafficking, but talks that began last year have made little progress. In 2022, Mexico had a $130.5 billion goods trade surplus with the United States.

Persons: Katherine Tai, Tatiana Clouthier, Trade Mary Ng, Joe Biden's, Andres Manuel Lopez Obrador's, USTR, Obrador, Biden, Donald Trump, Jarrett Renshaw, David Lawder, Stephen Eisenhammer, Tomasz Janowski Organizations: Trade, Small Business, Export, Washington, United States Trade Representative, United, Chevron, Marathon Petroleum, Comision Federal, Mexico, Ministry, U.S, North American Free Trade, Thomson Locations: Mexican, United States, Mexico, Canada, Mexico City, U.S, United States Mexico Canada, USMCA, Washington, China, Washington's

Cuban tanker Petion is seen at a shipyard in Veracruz, Mexico April 9, 2021. Mexico has emerged as a top provider, sending oil on a vessel owned by state oil company Petroleos Mexicanos (Pemex) and ships managed by Cuba. The ship previously ferried Venezuelan crude and fuel oil to Cuba, according to Refinitiv Eikon data. Cuba-flagged tanker Delsa also delivered Mexican crude from Pajaritos to Cienfuegos in June, and then sailed to Venezuela, where it loaded oil, the data showed. HELP NEEDEDRussia supplied Cuba with some 12,000 bpd of oil, mostly crude, between February and July, according to the Eikon data.

Persons: Yahir, Vilma, Pemex, Delsa, Esperanza, Washington, Marianna Parraga, David Sherwood, Adriana Barrera, Marguerita Choy Organizations: REUTERS, HOUSTON, Cuban, U.S . Treasury Department's, Foreign Assets Control, U.S . State Department, Reuters, San, Thomson Locations: Veracruz, Mexico, Venezuela, Mexico Mexican, Cuba, Russia, Washington, Mexico's, Cienfuegos, Havana, U.S, San Jose

☆ Pemex gets $3.8 billion from Mexico government, considers tapping bond markets again
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

Companies Petroleos Mexicanos FollowMEXICO CITY, July 28 (Reuters) - Mexican state energy company Pemex, whose financial debt ballooned to $110.5 billion by the second quarter, said Friday that it received 64.9 billion pesos ($3.8 billion) from the government to meet its obligations and may tap bond markets this year or next. Chief Financial Officer Carlos Cortez told investors during an earnings call that despite "significant" government support, Pemex was evaluating whether it would tap bond markets this year or next. Natural resources nationalist President Andres Manuel Lopez Obrador has staked his reputation on reviving Pemex, which he inherited highly indebted. Between 2019 and the end of the second quarter, Pemex received more than 720 billion pesos from the government, the results showed. Net profits were down almost 80% to 25.439 billion pesos in the second quarter from the year-ago period as sales fell, and revenues were down more than 40% to 414.156 billion pesos following weaker local sales and crude oil prices.

Persons: Carlos Cortez, Pemex, Cortez, We're, Andres Manuel Lopez Obrador, Lopez Obrador's, Octavio Romero, Romero, Valentine Hilaire, Adriana Barrera, Stefanie Eschenbacher, Anthony Esposito, Richard Chang, Cynthia Osterman Organizations: Moody's Investors Service, Thomson Locations: MEXICO, Pemex

☆ Focus: In Mexico, private cash races to plug nearshoring energy crunch
▼ + stars: | 2023-07-26 | by ( Isabel Woodford | Thomson Reuters | Isabel Is A British-Spanish Journalist Based In Mexico City. She Joined Reuters In As Part Of The Latin America News Hub | ) www.reuters.com time to read: +7 min

Sergio Arguelles, president of the Mexican Association of Private Industrial Parks (AMPIP), said parks' investment in state energy assets today is unprecedented. "Mexico would be very well positioned to take advantage of nearshoring if it didn't have such an energy problem," he said. THE SHRINKING STATEMexico's approach to its groaning electricity grid is in contrast to its fast-growing peers, which tend to either incentivize private energy contractors or have state utility companies with deep pockets. Still, there is some hope for the new wave of 47 planned industrial parks. Yet critics say Mexico's push for state control over energy distribution while also neglecting it is self-sabotage.

Persons: Daniel Becerril, Sergio Bermudez, Barbie, Mattel, Bermudez, …, Eduardo Martinez, Sergio Arguelles, Aaron Gallo, Gallo, Andres Manuel Lopez Obrador's, David Gantz, Electrobras, AMPIP's Arguelles, Lopez Obrador, Ramses Pech, Hans Joachim Kohlsdorf, Zonia Torres, Alfredo Nolasco, Isabel Woodford, Marguerita Choy Organizations: Federal Electricity Commission, REUTERS, MEXICO CITY, Unilever, Mexican Association of Private Industrial Parks, American Industries, Industries, CFE, U.S, Baker Institute, Thomson Locations: Mexico's, Santa Catarina, Monterrey, Mexico, MEXICO, Nuevo Leon, Brazil, Guanajuato

☆ Exclusive: Mexico's Pemex to lose some 100,000 bpd of crude this month after fire -source
▼ + stars: | 2023-07-11 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +3 min

[1/3] Boats spray water onto an offshore oil platform that caught fire at the Pemex's Cantarell Field, in the Bay of Campeche, Gulf of Mexico, Mexico July 7, 2023. The reduced production implies that in total Pemex will lose at least 2 million barrels of crude through the end of July, according to Reuters estimates. That means output from Pemex's offshore fields, from which the company extracts most of its oil, will be impacted in the meantime. MOUNTING CLAIMSCantarell, which produced more than 2 million bpd of oil two decades ago, currently produces about 170,000 bpd. Along with Ku-Maloob-Zaap, which contributes some 620,000 bpd from Pemex's northeastern marine region, they provide around 41% of the company's total production of 1.9 million bpd of crude and condensate.

Persons: Pemex, Ana Isabel Martinez, Conor Humphries Organizations: REUTERS, Ciudad del Carmen, Thomson Locations: Bay, Campeche, Gulf of Mexico, Mexico, Handout, MEXICO, Ciudad

☆ Mexican Pemex estimates platform fire shut in 700,000 barrels of oil
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

[1/3] Boats spray water onto an offshore oil platform that caught fire at the Pemex's Cantarell Field, in the Bay of Campeche, Mexico July 7, 2023. The fire started early Friday on the Nohoch-A link platform of the company's Cantarell Field and later moved to a compression complex, killing two people. "Today, 700,000 barrels of losses have been reflected (...) because we closed practically all the wells in the area," Romero said via the company's Twitter account. As of Saturday afternoon, 600,000 barrels of production had resumed, the executive added. Most of Mexico's crude production, approximately 1.6 million bpd, comes from the shallow waters of the Gulf of Mexico.

Persons: Octavio Romero, Romero, Cantarell, Pemex, Marion Giraldo, Anna, Catherine Brigida, Kim Coghill Organizations: REUTERS Companies, Ciudad del, Thomson Locations: Bay, Campeche, Mexico, Handout, MEXICO, Gulf of Mexico, Cantarell, Ciudad

Companies Equinor ASA FollowMorningstar Inc FollowNEW YORK, July 7 (Reuters) - Oil prices climbed about 2% to a six-week high on Friday as supply concerns outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil. "OPEC+ production cuts are expected to tighten the market, driving supply deficits in the second half of 2023, supporting higher oil prices," analysts at U.S. financial services company Morningstar said in a note. OPEC will likely maintain an upbeat view on oil demand growth for next year, sources close to OPEC said. Russia's latest pledge to reduce oil exports will not require a similar cut in production, a government source told Reuters. Higher borrowing costs could slow economic growth and reduce oil demand.

Persons: Brent, WTI, Morningstar, Russia's, Vortexa, James Knightley, Janet Yellen, Shadia Nasralla, Sudarshan, Jason Neely, David Evans, David Gregorio Our Organizations: ASA, Morningstar, . West Texas, Organization of, Petroleum, Reuters, Oil, Equinor ASA, U.S . Federal Reserve, ING, U.S . Energy Information Administration, U.S, Treasury, Thomson Locations: Brent, Saudi Arabia, Russia, OPEC, Saudi, Ain, Norway, Mexico, China, Europe, Ukraine, Germany, London, Singapore

☆ Several missing after fire at Pemex offshore platform, Mexico's president says
▼ + stars: | 2023-07-07 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +1 min

MEXICO CITY, July 7 (Reuters) - Several workers at an offshore platform run by Mexican state oil company Pemex in the Gulf of Mexico are missing after a fire broke out early Friday morning, President Andres Manuel Lopez Obrador told reporters. The president said Pemex firefighters were at the scene at the Cantarell complex, in the Bay of Campeche, to put out the fire after an explosion at a gas production platform and that employees were evacuated. One Pemex employee and three others were injured, the oil workers union said in a statement. A source at the company told Reuters the fire was at Pemex's Nohoch-A offshore gas compression platform, but that oil production remained unaffected. Cantarell produces from one of Mexico's largest oil fields which for decades was one of Pemex's crown jewels.

Persons: Andres Manuel Lopez Obrador, Lopez Obrador, Ana Isabel Martinez, Stefanie Eschenbacher, Manuel Carrillo, Kylie Madry, Isabel Woodford, David Holmes Organizations: MEXICO CITY, Reuters, Cantarell, Thomson Locations: MEXICO, Gulf, Mexico, Bay, Campeche

☆ Two dead, output impacted after fire engulfs Mexican oil platform
▼ + stars: | 2023-07-07 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +2 min

[1/4] Boats spray water onto an offshore oil platform that caught fire at the Pemex's Cantarell Field, in the Bay of Campeche, Gulf of Mexico, Mexico July 7, 2023. In posts on Twitter, Pemex said it had accounted for all other workers and said oil production had taken a major hit from the blaze. Later on Friday, the company said oil production had been "impacted in a substantial way" due to the fire. A Pemex statement Friday morning indicated that 321 of 328 people working on the sprawling platform had been successfully evacuated. The vast majority of Mexican oil production comes from nearby shallow water fields clustered around the Bay of Campeche in the southern Gulf, where Pemex has suffered a number of industrial accidents in recent years.

Persons: Pemex, Octavio Romero, Cantarell, Ana Isabel Martinez, Stefanie Eschenbacher, Kylie Madry, Manuel Carrillo, Brendan O'Boyle, Isabel Woodford, David Gregorio, Rosalba O'Brien Organizations: MEXICO CITY, Twitter, Thomson Locations: Bay, Campeche, Gulf of Mexico, Mexico, Handout, MEXICO

CNN —At least two people were killed and one person is missing after a fire broke out Friday at the Nohoch Alfa offshore platform at the Bay of Campeche, in the Gulf of Mexico, the state-owned oil company Petróleos Mexicanos (Pemex) said in a statement. Some 321 workers out of the 328 who were working on the structure when the fire started have already been evacuated, according to Pemex. Four boats have been sent to control the fires on the oil platform. The state-owned oil company said earlier that at least six were injured. Oropeza said the part of the platform where the fire started has been completely destroyed, and that Pemex is investigating what caused the fire.

Persons: Octavio Romero Oropeza, Oropeza, Andrés Manuel López Obrador, ” Organizations: CNN, Alfa, Twitter, Mexican Navy Locations: Campeche, Gulf of Mexico, Gulf, Mexico

☆ Mexico's Pemex positioned to meet 2023 debt obligations, govt to help if needed -official
▼ + stars: | 2023-05-31 | by ( Anthony Esposito | ) www.reuters.com time to read: +2 min

MEXICO CITY, May 31 (Reuters) - Mexican state oil firm Pemex is in a position to meet its remaining 2023 debt obligations and is looking at refinancing strategies for next year, said Deputy Finance Minister Gabriel Yorio, who added the government could also help if needed. Pemex had financial debt of $107.4 billion at the end of the first quarter, according to company data. Mexico, a popular travel destination, ranks in the top 10 globally in terms of international tourists and business generated through tourism. They're making big investments in infrastructure," said Yorio, adding that Mexican hoteliers were eyeing investments there. "Mexico is looking to diversify the markets where we buy fertilizer because 60% of the fertilizer imports used to come from Russia before the conflict," Yorio said.

Persons: Gabriel Yorio, Yorio, Andres Manuel Lopez Obrador, Pemex, Anthony Esposito, Jamie Freed Organizations: MEXICO CITY, Reuters, NATIONS, United Arab, Thomson Locations: MEXICO, Gulf, Mexican, Pemex, Kuwait, Saudi Arabia, Oman, Qatar, United Arab Emirates, Mexico, Ukraine, Russia

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