Mexican state oil company says fire happened during maintenance work
The bad news keeps on coming for Pemex. The company was in the news last month due to an underwater pipeline rupture and fire. Now it's suffering a large outage due to a fire an an offshore platform.
The company said the fire started during maintenance work and will cut 421K bpd of production. That's a hefty chunk of lost oil and roughly matches the monthly increases that OPEC+ is undertaking through December.
There's no word on how long the outages may last but the company said it hopes to restore production in short order. Pemex's total production is around 1.7 million barrels per day but the company is struggling due to chronic under-investment.
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