(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
(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
(Oil Price) – Carlos Slim, Latin America’s richest man, boosted his stakes in American energy companies in the current year as the world’s leading tycoons continue betting on fossil fuels. Slim invested $602 million in Parsippany, New Jersey-based refiner PBF Energy Inc. (NYSE:PBF), boosting his stake to 25%, and also bought $326 million worth of shares in Houston-based oil producer Talos Energy Inc.(NYSE:TALO). Last
(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
(Investing) – MEXICO CITY – Mexico’s Senate voted to amend the country’s constitution late on Wednesday to give dispatch preferences to state electricity company CFE, cementing the national power generator’s preferential status above foreign or private competitors. The initiative passed the upper chamber of Congress with 86 votes to 39, meeting the requirement of two-thirds support to change the constitution. The
(Oil Price) – Mexico’s new parliament late last night passed a bill that would give the president more control over state oil company Pemex and the country’s power utility, CFE. The aim of the bill, per a Bloomberg report on the news, is to make those state entities prioritize social and economic objectives over corporate profits. To that end, the bill proposed that
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