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…

Read the full article here: https://www.naturalgasintel.com/opec-plus-agrees-to-ramp-up-oil-output-despite-omicron/

…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.