Saudi Arabia to cut oil output in new agreement into 2024 that may support long-term LNG contract prices
Long-term contract prices of liquefied natural gas linked to crude oil are set to increase in the weeks ahead as the Organisation of Petroleum Exporting Countries led by Saudi Arabia and other Non-OPEC oil-producing countries opted at a summit in Vienna to extend cuts in oil production through 2024 and with the Saudis making an additional reduction in their own output.
Mexican energy company Pemex narrows losses to $2Bln as it carries industry’s largest debt burden
Mexican state oil and gas company Petroleos Mexicanos (Pemex) narrowed losses to the equivalent of $2 billion in the second quarter as US pipeline natural gas and LNG imports helped keep power sources at peak capacity. The losses were an improvement on the huge 562 billion pesos ($25Bln) loss registered in the previous quarter for foreign exchange reasons and the collapse of oil prices.
