06/11  Closing Prices / revised 06/12/2024 07:53 GMT 06/11 OPEC Basket  $82.36   +$1.43 cents 06/11 Mexico Basket (MME) $72.63  +$0.43  cents  | 04/30 Venezuela Basket (Merey)   $74.91   +$3.93 cents | 06/11 NYMEX WTI Texas Intermediate July CLN24 $77.90  +$0.16 cents  | 06/11 ICE Brent August  BRNQ24    $81.92  +$0.29 cents  | 06/11 NYMEX Gasoline June RBN24  $2.40  +0.1%  |  06/11 NYMEX  Heating Oil July  RBN 24    $2.42  +0.3% | 06/11 Natural Gas July NGN24  $3.12   +7.7%  | 06/07 Active U.S. Rig Count (Oil & Gas)   594  -6  | 06/12 USD/MXN Mexican Peso   18.6503  (data live)  | 06/12 EUR/USD     1.0745 (data live)  | 06/12 US/Bs. (Bolivar)   $36.43850000 ( data BCV)

AMLO Celebrates Oil Takeover Anniversary With Vow to Back Pemex – Bloomberg

Mexico set to refine 1.7 million barrels per day by year-end. Pemex sees debt falling to around $94.5 billion in 2024. Andres Manuel Lopez Obrador (Luis Antonio Rojas/Bloomberg)
Mexico set to refine 1.7 million barrels per day by year-end. Pemex sees debt falling to around $94.5 billion in 2024. Andres Manuel Lopez Obrador (Luis Antonio Rojas/Bloomberg)

Scott Squires, Bloomberg News

EnergiesNet.com 03 19 2024

Mexico President Andres Manuel Lopez Obrador said the nation will continue to support state oil producer Petroleos Mexicanos as the company works to ramp up production at its local refineries and reduce its massive debt load.

Speaking from Pemex’s headquarters in Mexico City to mark the 86th anniversary of Mexico’s 1930s oil expropriation, AMLO, as the president is known, said the government would keep financially supporting Pemex as the country’s transition to renewable energy remains distant.

“We will continue defending Mexican petroleum and recovering our sovereignty,” AMLO said. “Long live Pemex! Long live Mexico!”

Pemex expects its local refineries to boost output to 1.7 million barrels per day and projects its debt will shrink to around $94.5 billion by the end of the year, Chief Executive Officer Octavio Romero said at the event Monday.

“The next government will inherit a stronger Pemex, with growing production and reserves,” and lower debt levels, Romero said.

Since coming to power in late 2018, AMLO has repeatedly promised Mexico would become self-sufficient in oil products, but has largely fallen short as Pemex’s output has failed to meaningfully rebound from a decades-long slide.

Pemex’s annual production has fallen by roughly half from about 20 years ago while its debt has swelled to the highest of any oil producer in the world, at around $106 billion by the end of 2023.

AMLO has sought to dial back his predecessor’s energy reforms, which opened Mexico’s oil sector to private investment after almost eight decades in which Pemex held a monopoly. He promised to return Pemex to its former glory and set about building Dos Bocas, the company’s seventh refinery, in his home state of Tabasco to increase fuel output.

Pemex has traditionally used the March 18 expropriation anniversary to tout new projects and discoveries. In some cases, though, the announcements have involved initiatives that are eventually canceled or finds that were made by previous administrations.

bloomberg.com 03 19 2024

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top