NGI - OPEC-Plus Agrees to Ramp Up Oil Output Despite Omicron

January 5, 2022 – Natural Gas Intelligence

OPEC-Plus Agrees to Ramp Up Oil Output Despite Omicron

By: Kevin Dobbs

A coalition of major oil producing countries agreed on Tuesday to further boost output to meet expectations for strong demand, despite concerns about the rapidly spreading Omicron variant of the coronavirus…

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…U.S. Gulf Coast refineries such as Deer Park are configured to process heavy sour crude grades such as Mexico’s Maya, which accounts for over 80% of Pemex oil exports, highlighted RBN Energy LLC’s Housley Carr on Tuesday. Pemex retains most of its lighter grades – Istmo and Olmeca – for processing at its domestic refineries, Carr said.

Pemex reported crude and condensate export revenues of 133 billion pesos ($6.5 billion) in the third quarter, with 58% of crude exports going to the United States. The company posted a 64.5% year/year increase in total export revenues, which the company attributed to strengthening of the Mexican crude oil export basket. The Mexico basket price stood at $71.85/bbl as of Tuesday.