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Oil Bust Takes Its Toll On Latin-American Oil Output

EIA’s weekly estimates show a decline in U.S. shale output, going hand in hand with other declines around the around specifically in Latin America.  Being slated as the world’s most vulnerable oil region, as the major oil producers are having declines in their productions. by Nick Cunningham, Oilprice.com, April 2, 2016 U.S. shale continues to…

Outages in Latin America to help relieve global oil supply glut

Unplanned outages happening around the world at ports and pipelines is helping curb a supply glut that has inundated surpluses of oil and gas. Although short-lived it may still help certain oil producing countries but once it runs it course it will negatively affect several major Latin American countries. by Marianna Parraga, Reuters, April 1,…

Deepening default fears cast shadow over Venezuela’s oil flows

A major concern of oil market participants is the unheard of possibility of a major oil producing company defaulting on its debts.  PDVSA will be hard-pressed to meet its 5.2 billion payments in Fall of 2016, considering that the Venezuelan government exhausted their majority of cash reserves.  Experts are closely watching how a company’s default…

Venezuela’s PDVSA got at least 6 light crude supply offers

Last month, Venezuela asked oil suppliers to submit offers for 70,000 barrels a day of light crude through a contract of five years. PDVSA is planning to blend this light crude with its growing extra heavy oils. In the last few days, the Venezuela company received bid offers from Royal Dutch Shell, U.S. Chevron Corp, PetroChina and others….

Mexico’s Pemex unveils large oil find

Mexico’s Pemex unveils large oil find

Pemex just discovered new shallow water oil fields that could produce 200,000 barrels a day by 2018. These fields are located in the Gulf of Mexico off the coast of Tabasco and Campeche and are comprised of light crude and heavy crude. by The Guardian, June 10, 2015 The Mexican state oil company Pemex has…

U.S. considers incrementing its oil production

In an interview with CNN Dinero, expert Jorge Piñon the outcomes of lifting the embargo it has on Middle Eastern countries. The U.S. would be able to increase the production of light crude oil, a product which many countries are in demand of. What happens to the price of gas in the U.S.? It will have the liberty…

Mexico: Petroleum Exports Fall 5.9% in March

Pemex recent export report shows a fall of almost 6% during the month of March. In comparison to the previous month, exportation decreased by 2.36 millions of barrels per day, resulting in a loss of $68 million USD for this year’s first trimester. Recently Mexico’s largest petroleum supplier had to cut it’s production from 2.888…

Petrobras suppliers negotiate $3.5 billion Chinese credit deal

Brazil’s top crude producer is in the middle of a big corruption corruption scandal, but some countries seem to se past that. According to the Brazil-China Chamber of Commerce & Industry, both countries are negotiating a loan of 3.5 billions. China believes it is a good opportunity to invest in the country. by Peter Millard,…

Oil Crash No Obstacle for Pemex as Mexico Plows Ahead With Bids

Even as prices of oil are collapsing, Pemex CEO Emilio Lozoya has committed to run tenders on fields where it is seeking partners.  For the first time in 7 decades, Mexico will be pressing ahead with plans to start offering oil licenses, specifically Pemex will be bidding as a minority partner in five blocks to…

Mexico’s Pemex estimates crude production will increase to 2.4 million bpd in 2015

Pemex expects its crude production to increase to 2.4 million bpd in 2015; a rise from the 2.35 million bpd it plans to produce this year. This rise is due to the company’s plans to reactivate mature oil fields as well as begin production in newly discovered reserves. Pemex has been given the rights to…

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