Mexico oil output to decline, analysts say
Mexicos oil output will probably decline in the next two years if the country doesnt allow foreign investment to boost drilling, according to Raymond James & Associates.
Production in Mexico may have peaked in 2004, analysts J. Marshall Adkins and Pavel Molchanov wrote in a July 10 report, because the 30-year-old Cantarell field, the worlds second-largest, has reached maximum output, they said. Petróleos Mexicanos, the state oil company, said Aug. 2 that Cantarell production will decline 8 percent this year.
The countrys oil production looks like it already might have peaked – quite possibly for good, they said in the report. “At the very least, production appears stagnant. Following a decline in 2005, we project that Mexican production will again show modest year-over-year declines in 2006 and 2007.
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UPDATE 1-Mexico July industrial output unexpectedly falls
Mexican industrial output fell an unexpected 1.1 percent in July compared to a year ago, the first decline in four months, as manufacturing output was even weaker than forecasts, the government said on Monday.
Key manufacturing output dropped 2.1 percent in July from a year earlier, according to the finance ministry, with weakness evident in the auto industry from declining car and truck demand in the United States.
Analysts in a Reuters poll had expected a median year-on-year increase of about 2.6 percent in July industrial production. Industrial activity in July rose 0.22 percent from June.
The
UPDATE 1-Mexico industrial production up 2.1 pct in August
Mexican industrial production rose 2.1 percent in August compared to the same month a year ago, heralding a mild recovery in the dull manufacturing sector which has been dragging the overall economy down.
The median of analysts' forecasts in a Reuters poll had predicted a rise of 2.4 percent in industrial output.
The government said on Wednesday industrial activity in the month grew 0.44 percent compared to July while key manufacturing output increased 2.3 percent in August from a year earlier.
Mexico's industrial output fell an unexpected 1.1 percent in July compared with the year
Rita shuts down oil production in Gulf of Mexico
The impending strike of Hurricane Rita on the Texas coast poses as much of a risk to chemical output as it does to oil production and refining, analysts say, threatening shortages of key chemicals in coming days and weeks.
An estimated 72 percent of all U.S. production capacity for ethylene was in the strike area of Rita.
"About 72 percent of U.S. ethylene capacity is in the risk area, while 26 percent of U.S. refinery capacity is there," said an analyst .
The devastating effects of Katrina on the Gulf of Mexico also pushed natural
US Gulf of Mexico oil output 100 pct shut-MMS
Offshore U.S. crude oil production in the Gulf of Mexico was totally shut for the second straight day on Sunday with natural gas output also lower, the U.S. Minerals Management Service said in its daily report logging the impact of Hurricane Rita and the prior Hurricane Katrina.
The MMS said the percentage of oil output shut was 100 percent for both Sunday and Saturday, up from 99.125 percent on Friday. The normal daily oil output from Gulf of Mexico operations is 1.5 million barrels per day.
For natural gas, 8.047 billion cubic feet
Mexicos economic activity grew 4.4 pct in Feb
Mexicos economy expanded a healthy 4.4 percent in February compared with a year earlier, government data showed on Thursday in the latest sign that growth picked up in the first quarter.
But Februarys year-on-year expansion was not as strong as Januarys 5.7 percent leap and economic output fell 0.61 percent in February from January on a seasonally adjusted basis. But it still set the basis for a solid quarterly GDP growth.
The monthly IGAE index measures about 96 percent of Mexican economic output, excluding only fishing and forestry.
Analysts in a Reuters poll had expected a
Mexico Industrial Output Rose 2.1 Percent in August (Update2)
Mexico's industrial production rose 2.1 percent in August, less than the pace of the nation's economic expansion, a sign that manufacturing is losing its role as the country's main driver of growth.
The increase in output from the same month last year follows a drop of 1.1 percent in July, a government report showed. Economists expected a 2.2 percent increase, according to the median of 19 forecasts in a Bloomberg survey.
The lack of a robust recovery in Mexico's manufacturing sector gives the central bank further incentive to cut rates in
Offshore U.S. crude oil production in the Gulf of Mexico was totally shut on Saturday with natural gas output also lower, the U.S. Minerals Management Service said in its daily report logging the impact of Hurricane Rita and the prior Hurricane Katrina.
MMS said the percentage of oil output shut was 100 percent, up from 99.125 percent on Friday. The normal daily oil output from Gulf of Mexico operations is 1.5 million barrels per day.
The report said 1.5 million bpd of crude oil production was shut as Saturday, in contrast to 1.486 million bpd reported shut on Friday.
For natural
Offshore U.S. crude oil production in the Gulf of Mexico was totally shut on Saturday with natural gas output also lower, the U.S. Minerals Management Service said in its daily report logging the impact of Hurricane Rita and the prior Hurricane Katrina.
MMS said the percentage of oil output shut was 100 percent, up from 99.125 percent on Friday. The normal daily oil output from Gulf of Mexico operations is 1.5 million barrels per day.
The report said 1.5 million bpd of crude oil production was shut as Saturday, in contrast to 1.486 million bpd reported shut on Friday.
For natural gas,
Reuters Summit-Mexico's Pemex sees output flat to 2007
Mexican state oil monopoly Pemex sees crude oil production staying roughly flat this year and next, Chief Financial Officer Juan Jose Suarez said Friday.
Suarez said he saw Pemex's 2007 crude oil output averaging 3.45 million barrels per day, up only a whisker from estimated average production of 3.42 million bpd this year.
"It should be around 3.45 million," he told the Reuters Latin America Investment Summit in Mexico City.
Pemex, one of the top three suppliers of crude oil to the United States, saw its oil production dip to 3.33 million bpd in 2005, partly
Crude oil rises as Emily hits Mexico Markets expect sharp decline in U.S. oil supplies
Crude-oil futures gained Wednesday as Hurricane Emily crashed into Mexico and disrupted production in the area. Traders also positioned themselves ahead of the latest weekly U.S. supplies data.
August-dated crude oil rose 44 cents to $57.90 a barrel in the electronic trading on the New York Mercantile Exchange.
Hurricane Emily came ashore on the northeastern coast of Mexico, about 80 miles south of the U.S.-Mexico border, on Wednesday, returning to category three-level strength after earlier weakening to a category one storm.
The hurricane is expected to work
