The Organization of the Petroleum Exporting Countries (OPEC), which controls about 40 percent of the world’s oil supply, surprised the market on Wednesday by agreeing to its first oil-production cut since 2008 in an effort to reduce a global supply glut and stop price erosion, sources told Bloomberg and Reuters.
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OPEC continue tense talks
OPEC officials are trying to salvage a deal to limit oil production before they meet officially on Nov 30. Tensions are growing between the group and Russia, who has agreed to freeze rather than lower production, while doubts abound over Iran and Iraq’s openness to any cuts.
Mexico is set to receive a windfall of US$2.9 billion from its oil hedges for 2016, according to data from an International Monetary Fund report. A second year of plummeting crude prices mean the put option the country invested in will pay off again.
In the past decade, Mexico has averaged almost US$1 billion a […]Continue Reading →
Canadian company International Frontier (IFR) has announced that its Mexican partner Tonalli Energía identified higher than expected targets for the Tecolutla Block, which it won in the third phase of Mexico’s first licencing round.
The Canadian firm said in a press release on Monday that “significantly higher and thicker” areas of the onshore reservoir have […]Continue Reading →
Last week Mexico’s oil regulator approved a US$177 million work program for the three offshore blocks won by Italian company ENI in 2015’s Round 1.2.
The plan, which spans 2017, includes the drilling of four wells and has been reduced from its previous value of US$245 million after production costs and drilling time resulted […]Continue Reading →
Growing hopes for OPEC deal
Oil prices ended the week on a high, with Brent and US crude both rising by around 5 percent. The increases come amid anticipation that OPEC will come to an agreement to cut production at the end of this month.
Obama restricts access […]Continue Reading →