Pemex scales back upstream goals
The strained producer downgrades its 2021 forecast as rapid economic recovery looks doubtful
Mexican state-owned oil firm Pemex has been forced to revise down its crude upstream target for 2021. The producer cut c.170,000bl/d from an earlier projection of 2.03mn bl/d after the government reforecast its near-term oil price. Before the Covid-19 pandemic, Pemex had predicted an average price for a Mexican crude oil mix of $49/bl for 2020. But as global energy demand reeled, the realised price slumped to just above $31.80/bl over the first six months of the year. And the government predicts only a slow recovery in prices next year. The finance ministry expects oil to rebound to an average of just $42.10/bl for 2021. “Due to low expected oil prices during 2021, Pemex has decided to focus
Also in this section
24 February 2025
Weighed down by higher costs and lower margins, the US downstream sector is facing closures that could shrink capacity
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
