(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
(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
(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) – 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) – Mexico plans to boost its crude oil reserves to ensure it has enough for at least a decade of consumption, the chief executive officer of state energy company Pemex, Victor Rodriguez, said on Wednesday. Pemex has 12 strategic projects that will account for 61% of this hydrocarbon production, Rodriguez added. Speaking alongside Mexican President Claudia Sheinbaum at
(Investing) – HOUSTON -Oil prices edged lower on Monday after rising more than $1 earlier in the session after the United States and Mexico announced a month-long pause on tariffs the U.S. had slapped on its southern neighbour. U.S. President Donald Trump had imposed tariffs on Canada, Mexico and China to take effect from Tuesday, raising fears of supply disruption. Brent
(Investing) – LONDON -Oil prices were steady on Friday but on course for weekly declines as markets waited to see if U.S. President Donald Trump will follow through on his threat to impose tariffs on Mexico and Canada on Saturday. Brent crude futures for March, which expire on Friday, were down 9 cents at $76.78 a barrel by 1420 GMT. U.S. West
(BOE Report) – Mexico President Claudia Sheinbaum said that her government will send Congress on Wednesday a bill intended to reform the country’s energy sectors and establish mechanisms for public-private partnerships across the power and oil and gas industries. “This is a very deep reform,” Sheinbaum said in a morning conference, saying it aimed to simplify the structures of state
(Investing) – SINGAPORE/LONDON -Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if U.S. President-elect Donald Trump imposes 25% import tariffs on crude imports from the two countries, traders and analysts said. Two sources familiar with Trump’s plan told Reuters that oil would not be exempted from potential tariff hikes on imports
(World Oil) – National oil companies tend to be more bloated and less efficient than their private-sector counterparts. Yet Petroleos Mexicanos, with a workforce of about 128,000, stands out even among its state-owned peers. The amount of crude Pemex pumps per employee has slipped to just under 14 bpd, less than any other Latin American state producer except Petroleos de
