Crude oil production down by 400,000 barrels

Mexico's state-owned oil company Pemex has resumed part of its oil production that was interrupted after Sunday's fatal fire that killed seven people. However, the pace of resumption of production could be slower than expected due to technical issues such as: B. reconnecting wells, sources familiar with the matter told Reuters. Mexican crude oil production was cut by more than 400,000 barrels per day (bpd) earlier this week after seven people were killed and six others injured in a fire on a Pemex-operated platform in Campeche Bay in the Gulf of Mexico. The platform on which the fire broke out is part of a gas processing center in Campeche Bay. The natural gas processed at the Ku Maloob Zaap center will be used to boost oil production from offshore fields, Reuters said in a report citing a Pemex document. As a result of the fire, oil production fell from 719,000 bpd to 275,000 bpd as 125 oil wells were shut down. As of Tuesday, Pemex had recovered 71,000 tonnes per day of the oil production after the fire by restarting 35 wells, Pemex CEO Octavio Romero Oropeza said earlier this week. An additional 110,000 bpd of production is expected to come back online this week, the manager added. CFDs are complex instruments and have a high risk of losing money quickly due to their leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Pemex plans to restore all post-fire production by August 30, Romero Oropeza said earlier this week. Restoring all production, however, could prove to be more difficult than the company believes, according to Reuters sources. "About 70% to 80% of the lost barrels could be recovered soon, but fully restoring production will be complex," a source at Pemex told Reuters. "We're talking about mature fields here, and experience shows how difficult it is to get back to normal," the source continued. The slower-than-expected recovery in Mexican oil production could support international benchmark and sour crude prices for longer than originally expected.