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ACACHAPAN Y COLMENA, Mexico (Reuters) - Mexico’s government will absorb regular debt payments this year for Petroleos Mexicanos (Pemex), as President Andres Manuel Lopez Obrador intensifies his efforts to prop up the heavily-indebted state-run oil company.
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Those so-called debt amortization payments will total over $6 billion in 2021, Chief Executive Officer Octavio Romero said Thursday at an event in southern Mexico in the president’s home state Tabasco, one of the country’s biggest oil producers.
“The president of the republic has offered, since the campaign, to rescue Pemex, and he is demonstrating that with actions,” Romero said, standing alongside Lopez Obrador.
GRAPHIC - OPEC+ global oil market balances: tmsnrt.rs/2OcRNf8
LAUNCESTON, Australia, April 1 (Reuters) - What a difference a month can make for markets trying to guess which way the OPEC+ group of oil exporting nations will take their output policy.
A month ago, the broader market largely expected the group, made up of OPEC and key allies including Russia, to increase crude production to cool sharply rising oil prices.
Instead, the group held its output cuts at around 7 million barrels per day (bpd) for another month, extending them into April.
The market’s surprise was compounded by what was probably its incorrect reading of the move and subsequent price action.
LAUNCESTON, Australia - China resumed storing crude oil in the first two months of the year with almost 1 million barrels per day (bpd) being added to inventories in January and February, rebuilding stockpiles after a rare drawdown toward the end of last year.
Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, in an escalating stand-off with Riyadh following OPEC's decision to ignore calls from New Delhi to help the global economy with higher supply.
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NEW DELHI (Reuters) - The United States overtook Saudi Arabia as India’s second biggest oil supplier after Iraq last month, as refiners boosted cheaper U.S. crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed.
Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration
The switch in supplies, triggered by lower U.S. crude demand, coincided with Saudi Arabia’s voluntary extra 1 million barrel per day (bpd) output cut, on top of an agreement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to maintain lower production.