Mexico's Pemex Production Down 20kbd After Weekend

Mexico’s Pemex has lost 20,000 bpd in production after the fire at its Akal-B platform at the weekend according to Reuters citing a source at the company.

• The company has not provided updates on the fire since Sunday and has not publicly stated the impact of the fire, instead saying via an official statement they are trying “to reestablish operations at the processing center."
• Pemex puts its current production of oil and condensate at 1.8 million bpd, of which 1.5 million is crude oil - the lowest level in 45 years.
• Less Mexican crude is expected to hit the market longer term as grades get diverted to the Dos Bocas refinery which is due imminent startup though Argus reports that April production stated by AMLO may be ambitious.
• Argus and Reuters have also reported higher heavy crude prices in the US Gulf at present, one of the factors being less availability of Mexican crude at present.