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Oil Market Tightens But COVID-19 Could Spoil The Rally

Oil Market Tightens But COVID-19 Could Spoil The Rally

The IEA’s latest report suggests…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

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PEMEX Boosts Security Whilst Investigation into Blast Continues

On Thursday afternoon a large explosion rocked the Mexico City headquarters of the Mexican state-run oil giant, PEMEX, destroying much of the basement and the first two floors. The blast threw debris across the street, shook the adjacent buildings, injured an estimated 121 workers, and killed at least 32, according to Bloomberg.

Emilio Lozoya Austin, the Chief Executive Officer of PEMEX, cut his trip to Asia short in order to return to Mexico and deal with the fallout of this incident. Speaking to the Mexican press he assured that his company “will use all resources to find out the root causes of the incident.” It is still unknown whether the explosion was the result of an accident or an attack.

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Whilst the probe is underway, security at PEMEX’s production site will be increased to try and ward off any more attacks (if that indeed was the cause of the blast) that may reduce production levels. Currently production remains unaffected at 2.55 million barrels of oil a day.

Vigueras, 38, an employee from the finance department working in the PEMEX building stated that “from the magnitude of the damage, it’s hard for me to think it was an accident. The whole structure of the first floor and mezzanine were destroyed.”

Bloomberg expects Mexico’s economy to grow faster than Brazil’s, the only other large economy in Latin America, for a third year running; and the new president Enrique Pena Nieto has pledged to overhaul the energy industry to help stimulate production growth and revenues earned.

By. James Burgess of Oilprice.com



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