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LatinNews Daily - 25 August 2021

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In brief: Fitch warns of slowdown in Mexico’s Pemex production

* The international credit ratings agency, Fitch Ratings, has warned that fires reported by Mexico’s state-owned oil firm, Pemex, at the company's oil platforms in the Ku-Maloob-Zaap (KMZ) offshore oil fields, its largest production complex, may slow its produciton. Fitch notes that on 23 August Pemex reported a fire in one of its oil production platforms in the KMZ fields, which are located offshore in the Bay of Campeche, which caused the company to suspend a portion of its production. Fitch highlights that Pemex estimates the incident affected 125 wells, producing 421,000 barrels per day (bpd). It notes that in the first half of 2021, Pemex’s crude oil production averaged 1.7m bpd and was projected to end the year at 1.8m bpd. However, Fitch said that this incident will make it “very difficult for the company to reach this goal given the large amount of production that is currently offline”.