PEMEX PRODUCTION DOWN 18%
REUTERS - Mexican national oil company Pemex reported on Friday that September crude production fell 18 percent from the same month last year, marking three consecutive months with oil output coming in below 2 million barrels per day.
September output averaged 1.73 million bpd, down from 1.93 million bpd in August.
Natural gas production also slipped in September for Pemex, officially known as Petroleos Mexicanos. The company averaged 4.302 billion cubic feet per day, down more than 23 percent from September 2016.
Crude exports followed the downward trend in September, sinking nearly 19 percent to reach 1.159 million bpd.
Pemex's crude production has fallen steadily since its peak of 3.4 million bpd in 2004.
Seeking to reverse the stubborn output slump, a sweeping oil opening finalized in 2014 ended the company's decades-long monopoly and allowed private producers to operate their own fields for the first time.
Through the first nine months of this year, average crude production stands at 1.97 million bpd.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.