Mexico shutting 600,000 bpd oil output due to cold front

Mexico's state-owned oil company Pemex was shutting down about one-fifth of its daily output on Sunday [28 Oct 2007] due to bad weather, but said it expects to quickly resume output within days. Pemex said it had already shut wells with about 200,000 barrels per day (bpd) of production and would close another 400,000 bpd of production in the coming hours as a cold front hits the Gulf of Mexico area. The country's three main oil exporting ports were all closed on Sunday.

Pemex's move came days after a storm killed at least 21 oil workers and closed the main oil exporting ports of Coatzacoalcos, Dos Bocas and Cayo Arcas. The disruption resulted in an inventory build-up at those ports and, with the new cold front in the Gulf, Pemex said it would not be able to move oil from the wells to the ports. Pemex produces about 3.1 million barrels of crude oil a day and is one of the top three suppliers to the United States.

- Talk about adding fuel to fire.

(2007-10-29 12:49:51 SGT) [Energy] Permalink

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