COFECE Suggests Caps on PEMEX Jet Fuel: The Week in Oil & Gas
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COFECE Suggests Caps on PEMEX Jet Fuel: The Week in Oil & Gas

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Anmol Motwani By Anmol Motwani | Journalist & Industry Analyst - Wed, 04/05/2023 - 14:19

The Federal Commission of Economic Competition (COFECE) has proposed to cap PEMEX jet fuel to allow other suppliers to enter the market. The proposal is part of a broader effort by the Mexican government to open up the energy sector to more competition and private investment. Meanwhile, Norwegian energy company Equinor has formally left the Mexican oil industry.

In international news, the Organization of the Petroleum Exporting Countries (OPEC) has announced a decision to cut oil production.

Ready? This is the week in oil and gas:

COFECE Suggests Caps on PEMEX Jet Fuel to Promote Competition 

PEMEX now holds a dominant position in Mexico’s jet fuel market, limiting the entrance of competitors, argues COFECE. The commission says that this lack of competition is harming the industry and leading to higher prices for consumers. "Most of the [fuel storage] capacity in the country is contracted with PEMEX... with no maximum limits to its reserve capacity, which limits the entry of competitors," reads a COFECE statement.

Ministry of Finance Forecasts Drop in Mexico’s Oil Prices in 2024

Mexico's Ministry of Finance forecasted a drop in the country's oil prices in 2024. The forecast is based on a number of factors, including expectations for global oil demand, supply levels and other market conditions. The forecast also takes into account Mexico's own production levels and export volumes.

Oil Prices Will Not Be Adjusted in Macro Framework: Gabriel Yorio

Mexico's Deputy Finance Minister, Gabriel Yorio, stated that oil prices will not be adjusted in 2023. Yorio made the comments in response to concerns that rising oil prices could have a negative impact on Mexico's economy.

Equinor Formally Leaves the Mexican Oil Industry 

Norwegian energy company Equinor has formally left the Mexican oil industry, selling its 50% stake in a joint venture with state-owned oil company PEMEX. The joint venture, known as Petrobal, operated the shallow-water Ayin-Batsil field in the Bay of Campeche.

OPEC Cuts Oil Production 

The OPEC and its allies, collectively known as OPEC+, have announced a decision to cut oil production. The decision comes after a difficult task of balancing supply and demand amid ongoing uncertainty and volatility in the global energy market. 

Photo by:   Talpa , https://pixabay.com/users/satyaprem-6578610/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=3613526, Pixabay, https://pixabay.com/

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