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☆ Mexico's Pemex increases production and imports of gasoline, fuel
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

Pemex (PEMX.UL) produced 282,600 barrels per day (bpd) of gasoline in October, up 17% from September. Diesel output jumped 21% to 151,400 bpd, and production of fuel oil fell 2.5% to 272,000 bpd, according to company figures published late Monday. The state oil company reported an 8.7% increase in petroleum products imports, especially gasoline, which increased 17% in October to 475,000 bpd. Experts and critics argue the goal is unattainable considering the deteriorated state of Mexico's local refineries and delays in starting up its new Dos Bocas refinery. Pemex reported relatively stable crude production of 1.7 million bpd.

☆ Tens of thousands march in Mexico City to support president
▼ + stars: | 2022-11-27 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +2 min

[1/5] People take part in a march in support of Mexican President Andres Manuel Lopez Obrador's government policies and to celebrate his four years in the office, in Mexico City, Mexico November 27, 2022. REUTERS/Henry RomeroMEXICO CITY, Nov 27 (Reuters) - Tens of thousands marched with Mexican President Andres Manuel Lopez Obrador on Sunday in a massive demonstration through the center of the country's capital to show their support for the head of state before a 2024 general election. Foreign Minister Marcelo Ebrard and Mexico City Mayor Claudia Sheinbaum, who were at the march, are likely party candidates to run for the next election, scheduled for the summer of 2024. "AMLO criticizes the salaries of INE councillors," wrote columnist Sergio Negrete on Twitter. "With the cost of his ego-boosting march, he could pay the salaries of 11 INE councillors for 43 years and three months."

Companies Petroleos Mexicanos FollowMEXICO CITY, Nov 17 (Reuters) - Under pressure to increase production, Mexico's state oil company Pemex has risked fines for violations that cause environmental damage rather than delay output to fix the underlying issues, according to two senior company sources. Mexican law stipulates that the oil regulator can only levy fines for breaches of development plans rather than for environmental damage. The world's most indebted oil company, whose profits were for years plundered to fund government spending, has struggled to reverse a decade of declining oil production. Reuters GraphicsIn Mexico, fines are decided by various factors including if it is a first or repeated offense, and damage caused. Fines are low to avoid depleting Pemex funds that could be used to resolve the underlying problems, the sources at the regulator said.

Its year-earlier net loss totaled 77.2 billion pesos. President Andres Manuel Lopez Obrador has pumped in billions of dollars to support the company to fulfill his pledge of growing domestic production of motor fuels by refining more of Pemex's crude oil production at home during his term. On a call with analysts shortly after the results, Pemex's Chief Financial Officer Carlos Cortes hailed progress on growing domestic refining and fuel sales. "Pemex has been replenishing its participation in the national fuel market," he said, noting that during the third quarter domestic fuel sales grew by nearly 70% year on year. Pemex's domestic oil refining in the third quarter rose more than 16% to hit 807,000 bpd.

MEXICO CITY, Oct 26 (Reuters) - Bank of Mexico board member Gerardo Esquivel cautioned against increasing the monetary policy rate to "excessively" restrictive levels as the economy remains weak, saying the bank's current rate-hiking cycle could end with rates between 10%-10.25%. But he stressed that it was "important to start thinking about" what that level would be using the so-called ex ante real rate, defined as the difference between the nominal interest rate and expected inflation. His comments come after the minutes of Banxico's last monetary policy decision highlighted that further rate hikes were on the table. The minutes said the board would "assess the magnitude of the upward adjustments in the reference rate" in coming decisions. "We're already at a restrictive level that the Fed is clearly not at," he said.

MEXICO CITY, Oct 20 (Reuters) - Mexico's finance ministry has been tasked with refinancing the country's debt, especially bonds maturing in 2025, in order to help ease the financial burden on the next administration when it takes office, a senior official said. President Andres Manuel Lopez Obrador had asked the ministry to refinance as much debt as possible, as well as to lower costs and extend maturities, Yorio said. Mexico City Mayor Claudia Sheinbaum and Foreign Minister Marcelo Ebrard are among those jostling for the MORENA candidacy. The government would look for new opportunities to refinance or buy back external and domestic debt, he added. Yorio's team is also working to develop a local debt market built on sustainable bonds.

The world's largest financial oil deal, the program known as the "Hacienda hedge" is designed to protect the oil revenues of Latin America's second-largest economy against price crashes on the world market. It classified previously public details, including the overall cost, the strike price for the put options and the amount set aside from the oil revenues stabilization fund that contributes to the overall protection. Mexico also no longer discloses the names of counterparties, which have long been big Wall Street banks and oil majors. Due to sensitivities around the hedge, Yorio declined to give details about the strike price of the options. "In the current context of geopolitical tension, oil price volatility is very high and therefore the volatility of the premiums associated with the hedge is very high."

REUTERS/Jose Luis GonzalezMEXICO CITY, Oct 20 (Reuters) - Voluntary returns of Venezuelan migrants in Mexico by plane back to their homeland are likely to begin in the next few days, four people familiar with the matter said on Thursday. Under a bilateral plan announced on Oct. 12, Washington said it would grant up to 24,000 Venezuelans humanitarian access to the United States by air. The Mexican government said on Oct. 12 that Venezuelans entering its territory from that day onward would not be allowed to apply from Mexico for access to the United States by air. Those Venezuelans who have entered Mexico illegally and want to stay in the country will have to request asylum, according to a Mexican official familiar with the matter. That could mean voluntary return to Venezuela is more attractive to some than staying in Mexico, the official said.

☆ Mexico president backs defense ministry's refusal to account for massive data leak
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Oct 18 (Reuters) - Mexican President Andres Manuel Lopez Obrador has shaken off criticism against the country's defense ministry for refusing to appear before legislators to explain a major cyber hack, resulting in a massive data breach. Lopez Obrador asked the opposition to calm down and have some tea, during a regular news conference on Tuesday, describing the criticism as politically motivated. Lawmakers summoned Sandoval to explain what measures the armed forces were taking after a massive hack leaked classified information in September. Since taking office in 2018, Lopez Obrador has strengthened the armed forces' role in public security functions, such as infrastructure projects and customs activities. Mexico's Congress last week approved extending the role of the armed forces in public security tasks until 2028.

Under the policy, up to 24,000 Venezuelans may apply for humanitarian entry into the United States by air. U.S. officials told Reuters that 300 had been expelled border-wide from the United States the day before. Ramirez said her husband was allowed to stay in the United States while she was sent back on Thursday, a move she called "inexplicable." Those trekking over land toward the United States have an arduous route through Central America and then into Mexico. The U.S. Department of Homeland Security (DHS) did not immediately respond to questions about the separated Venezuelans.

☆ 3D technology uncovers the causes of death of 3 ancient South American mummies — and it isn't pretty
▼ + stars: | 2022-09-10 | by ( Taiyler Simone Mitchell | ) www.businessinsider.com time to read: +3 min

A report published Friday examined the causes of deaths of three South American mummies. The two male mummies died violently, while the female died of natural causes. The study suggests that more South American mummies died violently than previously thought. But a recent report shows how two of three South American mummies may have died wildly brutal deaths. There are dozens of South American mummies which might profit from a similar investigation as done here we did here," Nerlich continued.

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