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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BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.
PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.
FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn.
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