(Oil Price) – In a major U-turn in energy policy, Mexico has unveiled a 10-year plan to reverse a years-long decline in oil and gas production by tapping more unconventional resources through fracking. Petroleos Mexicanos, or Pemex, the world’s most indebted energy firm, has seen declines in its output in recent years as old shallow-water conventional fields mature. Now the government
(World Oil) – Mexico kicked off a debt offering to support beleaguered state-owned oil company Petroleos Mexicanos. The offering will consist of dollar-denominated debt maturing August 2030, according to a person familiar with the matter. Initial price talks are around 200 basis points over U.S. Treasuries, added the person, who requested anonymity because the information is private. The deal will
(BOE Report) – U.S. Gulf Coast refiners are snapping up higher volumes of Middle Eastern and South American crudes to offset the loss of Venezuelan and Mexican barrels, according to ship tracking data, a workaround solution that might be short-lived if the U.S. allows some sanctioned Venezuelan crude to return to the market. The shake-up in trade flows reflects a
(Oil Price)– The mining sector continues to face new and growing challenges. President Trump only yesterday pushed copper prices to record highs after threatening 50 percent tariffs on the precious metal. Latin America is as exposed as any other region to the US tariff policy. But when it comes to the green energy transition, it’s mining companies and governments that
(BOE Report) – The Mexican association that groups major global oil services companies warned that it is going through an “unprecedented crisis” due to the lack of payments from the state-owned oil company Pemex, the world’s most indebted energy company. In a letter sent to President Claudia Sheinbaum and released on Monday afternoon, the association warned that many of these
(Oil Price) – Mexico has temporarily suspended imports of fuels from the United States by truck as it is stepping up inspections of permits in a bid to clamp down on illegal fuel trades, sources with knowledge of the matter have told Reuters. As Mexico is stepping up cargo inspections, trucks loaded with diesel and gasoline are currently not being allowed to
(BOE Report) – Mexico has been speaking to private sector companies about increasing fracking to reduce its reliance on U.S. gas amid heightened trade tensions between the two countries, the Financial Times reported on Tuesday. Imports, which are almost entirely from the United States, meet 72% of the total demand for natural gas consumed in Mexico. Any policy change to
(Oil Price) – Mexico’s state oil firm Pemex is holding discussions with crude buyers in Asia and Europe to potentially sell there its oil, which is now being taxed with a 25% tariff by its single biggest customer, the United States, a senior government official in Mexico told Reuters. The trade wars in North America began in earnest earlier this week after the U.S.
(BOE Report) – Energy product traders, utilities, investors and business executives are among those scrambling to assess the likely impact of new steep tariffs on the United States’ largest trade partners, which kicked in on Tuesday. New 25% tariffs on imports from Mexico and Canada, along with a doubling of duties on Chinese goods to 20%, took effect on March
(Oil Price) – The global trade wars intensified on Tuesday as the U.S. tariffs on Canada and Mexico took effect and China was slapped an additional 10% levy, prompting retaliatory tariffs and sending equity markets and oil prices lower. Oil prices were down by 1% in Asian trading early on Tuesday, as markets fear economic slowdown from the tariffs and
(BOE Report) – Crude oil exports by Mexican state energy company Pemex plunged 44% year-on-year in January to 532,404 barrels per day (bpd), its lowest in decades, official numbers show, as the company has admitted it is struggling with crude quality. The monthly level is the lowest since records in their current form began in January 1990. Last year, exports
(World Oil) – Pemex (Petroleos Mexicanos) will split profits with private-sector partners in joint ventures that may account for as much as 10% of the state oil company’s output, said Mexico President Claudia Sheinbaum. The division will be based on proceeds left over after the recovery of initial investments and the government’s 30% oil levy, she said during a media
