PEMEX assures that the country’s gas and diesel inventories are sufficient to deal with any shortfalls in the wake of Hurricane Harvey. The US market has supplied 85 percent of Mexico’s gas and diesel demand since the beginning of the year. Tamaulipas is the first state to realize an increase in fuel prices as a result of Harvey, with gas prices rising MX$0.75 cents per liter.
CNH is preparing to tender marketing operations currently performed by PMI Comercio Internacional by Jan. 1. The trading company, which commercializes around 2 million barrels per day, can also participate in the tender.
Major US refineries shut down activities due to flooding from Hurricane Harvey. ExxonMobil and Saudi Aramco’s facilities, located at Baytown and Port Arthur, suffered the most damage in last week’s natural disaster.
Russian National Oil Company (Rosneft) and the China Energy Company (CEFC) agreed to a joint exploration agreement in Siberia. The contract also includes activities such as refining, petrochemicals and oil trading.
Iraq is willing to add to a commitment to cut oil output if OPEC and outside producers decide to extend a global oil agreement in November.