Mexico is producing slightly less crude than the target it agreed to with the OPEC+ oil producers last year, Mexican Energy Minister Rocio Nahle said April 27.
Mexico’s state oil company Pemex produced an average of 1.66 million barrels per day (MMbbl/d) of crude between January and February, according to its official data, while independent producers have this year added some 58,000 bbl/d to Mexico’s output for a total of about 1.72 MMbbl/d.
“We are fine, we are fulfilling our target and the commitment Mexico made before OPEC+, which is 1.753 MMbbl/d,” Nahle said at a virtual convention organized by Mexico’s Association of Hydrocarbon Companies. “We are slightly below that, which gives us flexibility to continue working.”
OPEC, Russia and their allies, known as OPEC+, are expected to stick to plans for a phased easing of oil output restrictions from May to July amid upbeat forecasts for a recovery in global demand. The group ditched plans to hold a ministerial meeting April 28, according to sources, after a market monitoring meeting April 27.
Recommended Reading
ONEOK CEO: ‘Huge Competitive Advantage’ to Upping Permian NGL Capacity
2024-03-27 - ONEOK is getting deeper into refined products and adding new crude pipelines through an $18.8 billion acquisition of Magellan Midstream. But the Tulsa company aims to capitalize on NGL output growth with expansion projects in the Permian and Rockies.
EQT Ups Stake in Appalachia Gas Gathering Assets for $205MM
2024-02-14 - EQT Corp. inked upstream and midstream M&A in the fourth quarter—and the Appalachia gas giant is looking to ink more deals this year.
EQT Deal to ‘Vertically Integrate’ Equitrans Faces Steep Challenges
2024-03-11 - EQT Corp. plans to acquire Equitrans Midstream with $5.5 billion equity, but will assume debt of $7.6 billion or more in the process, while likely facing intense regulatory scrutiny.
Ohio Oil, Appalachia Gas Plays Ripe for Consolidation
2024-04-09 - With buyers “starved” for top-tier natural gas assets, Appalachia could become a dealmaking hotspot in the coming years. Operators, analysts and investors are also closely watching what comes out of the ground in the Ohio Utica oil fairway.
OEP Completes Acquisition of TechnipFMC’s Measurement Solutions Business
2024-03-27 - One Equity Partners said TechnipFMC’s measurement solutions business will be rebranded as Guidant and specialize in measurement technology, automation solutions and global systems.