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☆ Oil prices rise as U.S. official eases market concerns over economic headwinds
▼ + stars: | 2024-04-26 | by ( ) www.cnbc.com time to read: +1 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Treasury Secretary Janet Yellen told Reuters on Thursday that U.S. economic growth was likely stronger than suggested by weaker-than-expected quarterly data. Data showed that economic growth slowed in the first quarter, and prior to Yellen's comments, tremors from an acceleration in inflation had weighed on oil prices as investors calculated that the Federal Reserve would not cut interest rates before September. Personal consumption expenditures inflation data for March will be released on Friday, closely tracked by the Fed for its 2% target. Elsewhere, supply concerns as geopolitical tensions continue in the Middle East also buoyed prices early in the session.

Persons: Janet Yellen, Yellen, Israel Organizations: del, del Peru SA Talara, U.S . Treasury, Brent, U.S . West Texas, Reuters, Federal Reserve, Fed Locations: del Peru, Piura, Peru, U.S, Gazan

☆ 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

☆ Oil down in thin trade as U.S. gears up for Presidents' Day
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: +2 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Oil prices edged down on Monday morning as markets digested comments from U.S. Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts, in thin early trade on what is a public holiday in the United States. U.S. West Texas Intermediate crude was 35 cents, or 0.44%, lower at $78.84 at 0138 GMT. Markets are yet to see the direction of demand from China after that country returns from a week-long Lunar New Year holiday, while Presidents' Day in the United States is set to keep trade relatively muted. Higher rates keep up the cost of buying oil, providing for a bearish market trend.

Persons: Brent, Alexei Navalny, Vladimir Putin's Organizations: del, del Peru SA Talara, U.S . Federal, . West Texas, Yemen's, of, Petroleum, ANZ Research, International Energy Agency, ANZ, United Nations Security Council Locations: del Peru, Piura, Peru, U.S, United States, China, Gaza, Yemen's Iran, India, Algerian, Israel, Europe, Russia, Ukrainian, Avdiivka, Moscow

☆ Oil edges up with slim progress in Gaza peace talks
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: +1 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Oil prices rose on Thursday after Israel rejected a ceasefire offer from Hamas, as talks continued to try to end the Gaza conflict and wider Middle East tensions that have kept the market on edge since October. A Palestinian Hamas delegation led by senior official Khalil Al-Hayya was due to travel on Thursday to Cairo for ceasefire talks with Egypt and Qatar. On the demand side, a much stronger-than-expected drawdown in gasoline stocks in the U.S. reported on Wednesday continued to buoy the market. The U.S. Energy Information Administration reported U.S. gasoline stocks fell by 3.15 million barrels last week compared with analysts' estimates for a build of 140,000 barrels.

Persons: Israel, Benjamin Netanyahu, Antony Blinken, Khalil Al, Hayya Organizations: del, del Peru SA Talara, Brent, . West Texas, Hamas, U.S . Energy Information Administration, ANZ Research Locations: del Peru, Piura, Peru, Gaza, Palestinian, Cairo, Egypt, Qatar, U.S

☆ Oil edges up on smaller US output growth estimates
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +1 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Oil prices ticked higher on Wednesday, as growth in U.S. oil production is expected to remain largely steady through 2025, easing worries of excess supply. The EIA also cut its forecast for domestic oil output growth in 2024 by 120,000 barrels per day (bpd) to 170,000 bpd, sharply lower than last year's output increase of 1.02 million bpd. U.S. government data on oil inventory will be released later on Wednesday. U.S. crude stocks are expected to have risen 1.9 million barrels in the last week as production recovered from a cold freeze and refiners started maintenance.

Organizations: del, del Peru SA Talara, Brent, U.S, West Texas, U.S . Energy Information Administration, EIA, Hamas, Traders Locations: del Peru, Piura, Peru, ., U.S, Israel, Gaza, Iranian, Suez, Asia, Europe

[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

☆ NY Fed can cut off Puerto Rican bank in Venezuela-related crackdown -US judge
▼ + stars: | 2023-10-27 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

[1/2] The entrance to The Federal Reserve Bank of New York is seen in New York City, U.S., March 13, 2023. The New York Fed agreed to keep the bank's master account open until Koeltl ruled on the preliminary injunction motion. The New York Fed declined to comment. In 2019, the New York Fed said it would stop approving new master accounts for Puerto Rican offshore banks because of sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro. The case is Banco San Juan Internacional Inc v Federal Reserve Bank of New York et al, U.S. District Court, Southern District of New York, No, 23-06414.

Persons: Brendan McDermid, John Koeltl, BSJI, Koeltl, Nicolas Maduro, Jonathan Stempel, Diane Craft, Jonathan Oatis Organizations: Federal Reserve Bank of New, REUTERS, District, Banco San Juan Internacional, New York, New, Fed, New York Fed, Venezuela's, Banco San Juan Internacional Inc, Reserve Bank of New, Court, Southern District of, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, Puerto Rican, Venezuela . U.S, Manhattan, Venezuela, OPEC, Reserve Bank of New York, Southern District, Southern District of New York, New York

☆ NY Fed Can Cut off Puerto Rican Bank in Venezuela-Related Crackdown -US Judge
▼ + stars: | 2023-10-27 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

"Accepting deposits from and providing financial services to a financial institution with BSJI's record of noncompliance exposes the FRBNY and the financial system to risk," Koeltl wrote. The New York Fed agreed to keep the bank's master account open until Koeltl ruled on the preliminary injunction motion. The New York Fed did not immediately respond to similar requests. In 2019, the New York Fed said it would stop approving new master accounts for Puerto Rican offshore banks because of sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro. The case is Banco San Juan Internacional Inc v Federal Reserve Bank of New York et al, U.S. District Court, Southern District of New York, No, 23-06414.

Persons: Jonathan Stempel, John Koeltl, BSJI, Koeltl, Nicolas Maduro, Diane Craft Organizations: Federal Reserve Bank of New, District, Banco San Juan Internacional, New York, New, Fed, New York Fed, Venezuela's, Banco San Juan Internacional Inc, Reserve Bank of New, Court, Southern District of Locations: U.S, Federal Reserve Bank of New York, Puerto Rican, Venezuela . U.S, Manhattan, Venezuela, OPEC, Reserve Bank of New York, Southern District, Southern District of New York, New York

☆ 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

☆ Ex-Venezuela Oil Minister's Pilot Pleads Guilty to Violating US Sanctions
▼ + stars: | 2023-09-26 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

By Luc CohenNEW YORK (Reuters) - A U.S. pilot pleaded guilty on Tuesday to violating American sanctions by transporting former Venezuelan oil minister Tareck El Aissami, whom Washington accuses of drug trafficking. Victor Mones, who founded the Florida private jet firm, pleaded guilty in 2019 to violating sanctions. The United States sanctioned El Aissami in 2017, accusing him of helping arrange drug shipments out of Venezuela, including to the United States and Mexico, through his control of a Venezuelan airbase and shipping ports. The United States accuses Maduro of corruption, human rights violations and rigging elections, which he denies. El Aissami has denied wrongdoing.

Persons: Luc Cohen NEW, Tareck El Aissami, Washington, Michols Orsini, Alvin Hellerstein, Orsini, Victor Mones, El Aissami, Mones, Nicolas Maduro, Luc Cohen, David Gregorio Organizations: Luc Cohen NEW YORK, U.S, U.S . Department of Homeland Security, El, El Aissami, United Locations: U.S, Manhattan, Venezuela, Dominican Republic, Florida, El, United States, Mexico, Venezuelan, Washington, New York

[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 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

☆ NY Fed defends cutoff of Puerto Rican bank after Venezuela-linked crackdown
▼ + stars: | 2023-08-23 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

The Federal Reserve Bank of New York building is seen in the Manhattan borough of New York, U.S., December 16, 2017. BSJI said it had improved compliance during a previous 22-month suspension of its master account between 2019 and 2020. In court papers on Wednesday, the New York Fed said BSJI processed transactions that had "multiple red flags for money laundering or other illicit activity." The New York Fed also said BSJI could still seek to access the U.S. financial system through a third-party correspondent bank. In 2019, the New York Fed said it would stop approving master accounts for some Puerto Rican banks because of U.S. sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro, Reuters reported at the time.

Persons: Eduardo Munoz, BSJI, Marcelino Bellosta, Nicolas Maduro, Luc Cohen, Jonathan Oatis Organizations: Federal Reserve Bank of New, REUTERS, Banco San Juan Internacional, New York Fed, Venezuela's, Reuters, Thomson Locations: Federal Reserve Bank of New York, Manhattan, New York, U.S, Puerto Rican, Venezuela, Curacao, Venezuelan, United States, Europe

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

☆ Puerto Rican bank sues NY Fed for suspending account in Venezuela-linked crackdown
▼ + stars: | 2023-07-25 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

The bank asked the court to bar the New York Fed from terminating its master account, without which it said it "cannot effectively function as a depository institution." A spokesperson for the New York Fed declined to comment. Federal prosecutors dismissed a civil forfeiture complaint and returned $53 million in seized funds to the bank. The New York Fed in 2019 said it would stop approving master accounts for some Puerto Rican banks due to U.S. sanctions on Venezuela aimed at ousting socialist President Nicolas Maduro, Reuters reported at the time. The bank said its founder, Marcelino Bellosta, has lived in the United States and Europe for much of the last 25 years.

Persons: BSJI, Nicolas Maduro, Marcelino Bellosta, Luc Cohen, Grant McCool Organizations: Banco San Juan, Inc, New York Federal, Banco, Banco San Juan Internacional, New York, New York Fed, Reuters, Thomson Locations: Puerto Rican, U.S, Venezuela, Banco San, Manhattan, York, Puerto, Venezuelan, United States, Europe, New York

REUTERS/Jonathan Bachman/File PhotoHOUSTON, July 21 (Reuters) - A U.S. court set Oct. 23 as the start date for a long-expected auction of shares in Venezuela-owned refiner Citgo Petroleum's parent to pay creditors with judgments against the South American nation. U.S. Judge Leonard Stark in Delaware this week accepted a recommendation by a court official in charge of organizing the auction. Proceeds from any sale of PDV Holding shares would be used to pay off creditors previously cleared by the court. Any sale of Citgo without the participation of Venezuela would be "hurtful," Pedro Tellechea, Venezuela's oil minister, said on Friday. "It's not a PDVSA asset.

Persons: Jonathan Bachman, Judge Leonard Stark, PDV, Pedro Tellechea, Horacio Medina, Stark, Venezuela's, Hugo Chavez, PDVSA, Marianna Parraga, Gary McWilliams, Richard Chang, Grant McCool Organizations: Citgo Petroleum, REUTERS, South, Petróleos, PDV, U.S . Treasury Department, PDVSA, Crystallex, ConocoPhillips, Siemens Energy, Tree Investments, Inc, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, Thomson Locations: U.S, Stowell , Texas, Venezuela, South American, PDV, Delaware

A negotiating team representing the South American country has held settlement talks with some of those creditors and holders of defaulted PDVSA bonds. The U.S. has shielded Houston-based Citgo from creditors since the company in 2019 severed ties with its ultimate parent, Venezuela's state oil firm Petroleos de Venezuela (PDVSA.UL), which is controlled by President Nicolas Maduro. Horacio Medina, chief of the board that supervises Citgo, did not immediately reply to a request for comment. A sales process for Citgo shares that could begin as soon as September is under consideration by a U.S. judge in Delaware. Venezuela this month lost a separate appeal trying to block new creditors from attaching to the Delaware case.

Persons: Nicolas Maduro, Horacio Medina, Citgo, PDVSA's, PDVSA, Katherine Polk Failla, Marianna Parraga, Gary McWilliams, Matthew Lewis Organizations: U.S . Treasury Department, Treasury, Crystallex International, ConocoPhillips, Siemens Energy, Tree Investments, U.S, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, New, Thomson Locations: Venezuela, Petroleum, U.S, Houston, Petroleos, Delaware, New York, Manhattan

☆ 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

☆ 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

☆ Analysis: Mexico's gasoline independence dream sinks in dirty fuel oil glut
▼ + stars: | 2023-05-31 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +4 min

[1/3] A general view shows Mexican state oil firm Pemex's Cadereyta refinery in Cadereyta, on the outskirts of Monterrey, Mexico, August 27, 2021. The push to increase Pemex's output, however, has ramped up fuel oil production, due mostly to its refineries' struggle to efficiently process the heavy crude Mexican oil fields pump. CORE PROBLEMSPemex fuel oil is a sludge-like product, especially bad for air quality when burnt to generate electricity due to its high sulfur content, which has diminished its market value. Most refiners seek to minimize production of fuel oil by using coking plants to extract higher value fuels like gasoline and diesel from heavy crude. For now, Pemex's motor fuel production is still eclipsed by what it buys abroad, or around 353,000 bpd of gasoline imports this year through April.

Persons: Daniel Becerril, Andres Manuel Lopez Obrador, Lopez Obrador's, Pemex, Lopez Obrador, Lopez, Ana Isabel Martinez, David Alire Garcia, Dave Graham, Marguerita Choy Organizations: REUTERS, MEXICO CITY, Reuters, Pemex, Comision Federal, Thomson Locations: Cadereyta, Monterrey, Mexico, MEXICO, wean, U.S

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