LatinNews Daily - 29 July 2022

In brief: Mexico’s Pemex reports profits

*Mexico’s state-owned oil company (Pemex) posted record profit of M$131.5bn (US$6.45bn) in the second quarter of 2022, driven by the surge in international oil prices driven by the war in Ukraine. For the first half of the year, Pemex’s profits have totalled M$253.9bn, compared to losses of M$22.9bn in the same period of 2021. Announcing the results, Pemex CEO Octavio Romero Oropeza stated that the volume of crude oil exports had increased to an average of 267,000 barrels per day (bpd) in the first half of 2022, with a maximum level of 351,000 bpd in April, a figure not attained since November 1998. Prices for Mexican crude oil averaged more than US$105 per barrel in the second quarter.

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