Americas Daily Oil Summary: Exxon to Further Boost Guyana Output

Exxon Mobil took the first step towards its seventh oil project in Guyana as it looks to further expand output from the South American nation, according to Bloomberg.

• The Hammerhead project will pump as much as 180 b/d as soon as 2029, subject to Guyanese government approval, Exxon’s country manager Alistair Routledge said in an interview.
• Brazil’s oil production has started to recovery following a fall earlier in the year when many offshore plants underwent repairs and maintenance, according to OilPrice.com. Rebounding Brazilian crude and liquids production is set to frustrate OPEC+ policies to control supply.
• Mexico’s Pemex imported 11% more gasoline in May than the month prior, a further indication of AMLO’s lack of ability to reduce his countries reliance on imports.
• Mexico’s Pemex imported 11% more gasoline in May than the month prior, a further indication of AMLO’s lack of ability to reduce his countries reliance on imports.
• Oil processing at Mexico’s Pemex domestic refineries were reduced again in May to 51.8% as the impact of the Minatitlan refinery fire in April lingers, according to Bloomberg based on company data.
• Citgo’s Corpus Christi West refinery said planned startup activities at its plant are ongoing on a filing on Monday.
• USD: The greenback recovered as risk factors that drove Monday's better selling cooled. Early technical reversal patterns also cited while markets cautiously await US PCE inflation data and Australian CPI, Riksbank and multiple emerging market central bank decisions in the second half of the week.
• The June Philadelphia Fed Nonmanufacturing Business Outlook survey showed an improvement in activity, employment and sentiment among nonmanufacturers, alongside mixed price pressures.