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Halliburton says Mexico oil output decline rates will pressure reactivation of business
Halliburton says Mexico oil output decline rates will pressure reactivation of business

Yahoo

time22-07-2025

  • Business
  • Yahoo

Halliburton says Mexico oil output decline rates will pressure reactivation of business

HOUSTON (Reuters) -U.S. oilfield service provider Halliburton on Tuesday said Mexico's crude production decline rates are creating pressure for a reactivation of business amid long delays from state-run Pemex to pay its suppliers. Output of crude and condensate by Pemex, the largest producer in the country, fell 8.4% in May to 1.64 million barrels per day, according to official figures. Oilfield service companies have significantly decreased activities because of the lack of payments from Pemex, the world's most indebted energy company. Halliburton said issues related to payments from Pemex have not been resolved yet. The Mexican association that groups foreign oil services companies warned last month that many of these firms may have to stop operations as early as July. Halliburton, which posted second-quarter earnings on Tuesday, said it expects its full-year international revenue to decline by mid-single digits, year on year, primarily driven by activity reductions in Saudi Arabia and Mexico. (Reporting by Arathy Somasekhar and Tanay Dhumal in Houston; Editing by Chizu Nomiyama )

Halliburton says Mexico oil output decline rates will pressure reactivation of business
Halliburton says Mexico oil output decline rates will pressure reactivation of business

Reuters

time22-07-2025

  • Business
  • Reuters

Halliburton says Mexico oil output decline rates will pressure reactivation of business

HOUSTON, July 22 (Reuters) - U.S. oilfield service provider Halliburton (HAL.N), opens new tab on Tuesday said Mexico's crude production decline rates are creating pressure for a reactivation of business amid long delays from state-run Pemex to pay its suppliers. Output of crude and condensate by Pemex, the largest producer in the country, fell 8.4% in May to 1.64 million barrels per day, according to official figures. Oilfield service companies have significantly decreased activities because of the lack of payments from Pemex, the world's most indebted energy company. Halliburton said issues related to payments from Pemex have not been resolved yet. The Mexican association that groups foreign oil services companies warned last month that many of these firms may have to stop operations as early as July. Halliburton, which posted second-quarter earnings on Tuesday, said it expects its full-year international revenue to decline by mid-single digits, year on year, primarily driven by activity reductions in Saudi Arabia and Mexico.

OPEC Partly Pushes Back Against Reports of Saudi Output Surge
OPEC Partly Pushes Back Against Reports of Saudi Output Surge

Bloomberg

time15-07-2025

  • Business
  • Bloomberg

OPEC Partly Pushes Back Against Reports of Saudi Output Surge

OPEC partly pushed back against reports that group leader Saudi Arabia surged crude production in June, with its latest monthly report indicating the kingdom may make only a modest increase. The Saudis raised output by 173,000 barrels a day last month to an average of 9.356 million a day, according to the cartel's secretariat in Vienna, which usually compiles the number from a range of external media firms and consultants. The figure indicates Riyadh complied with its quota.

NNPC CEO on OPEC+ Decision, Oil Production, Pipelines
NNPC CEO on OPEC+ Decision, Oil Production, Pipelines

Bloomberg

time10-07-2025

  • Business
  • Bloomberg

NNPC CEO on OPEC+ Decision, Oil Production, Pipelines

Nigerian National Petroleum Company Chief Executive Officer Bayo Bashir Ojulari says OPEC+'s decision to accelerate the return of barrels to the market was the "right thing to do," adding that "optimism is realistic." He also discusses the cost of crude production, the security of pipelines in Nigeria, as well as rehabilitation plans for oil refineries. He speaks with Bloomberg's Joumanna Bercetche in Vienna, Austria. (Source: Bloomberg)

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