Oil Price Falls on OPEC Cut News
Global benchmark Brent crude was down 46 cents at US$56.24 on Monday as the market had already priced in reports that OPEC members delivered over 90 percent of their agreed production cuts last month.
US Increases Rig Count to Most Since 2012
In the past month US energy companies increased their rate of adding oil rigs to operations by the most since 2012, as drillers capitalize on the low oil prices spurred on by OPEC’s production cut agreement.
BHP Billiton Approves US$2.2 billion For US Mad Dog Oil Project
Australian heavyweight BHP Billiton approved an investment of US$2.2 billion in the second phase of its Mad Dog oilfield in the Gulf of Mexico last week. It plans to build a new floating production facility with a capacity of 140,000 gross barrels of crude oil per day, and begin production in late 2021.
Mexican Crude Up
Mexican crude finished last week trading at US$46.14 dollars a barrel, up a dollar from the previous Friday.
PEMEX to Look for Brand-sharing Agreements in Fuel Retail
The Director of PEMEX Industrial Transformation said that PEMEX will create brand-sharing alliances in fuel last week. During his presentation at the first National Gasoline Seminar, Carlos Murrieta added that PEMEX could create a consultative commission with its franchisers, as well as sharing its brand.
Protestors Block Gas Stations in Nuevo Leon
Action against the rise in gas prices continued last week as protestors blocked PEMEX’s distribution centers in Santa Catarina y Cadereyta. Activists blocked tanker truck movement for 30 minutes, and officials warn this is happening in 37 distribution centers across Mexico.
Navantia and PEMEX Christen New Vessel
Spanish ship construction firm Navantia signed a contract with PEMEX last week to christen “Orgullo Petrolero.” The new Platform Support Vessel, or “Flotel”, took over a million man hours to build.