Delayed construction of Mexican LNG projects hinders U.S. producers’ ability to improve access to thriving markets.
Within the context of lower oil prices and disappointing economic data, members of OPEC+ have decided to delay the unwinding of voluntary cuts, which were expected at the end of September.
Brent crude oil prices fell to $72.75 on Sept. 4 on fears about demand in the coming months as crude producers offered mixed signals about supply increases.
Mexico Pacific and Korea’s POSCO International Corp. signed a 20-year sales and purchase agreement for the Asian company to acquire 0.7 mtpa of LNG from the proposed the Saguaro Energía LNG facility on Mexico’s Pacific Coast.
The rail workers’ union agreed to return to work but is threatening to appeal the court ruling forcing work to continue.
Crude prices will strengthen through 2024 before falling in 2025 due to lower liquid fuels consumption, particularly in China, the U.S. Energy Information Administration reported.
NextDecade Chairman and CEO Matt Schatzman said an Aug. 6 ruling by the U.S. Court of Appeals for the D.C. Circuit to vacate its FERC permit has “far-reaching implications” that could undercut capital investment in LNG projects.
Tesla, which announced plans in 2023 to build a $5 billion gigafactory in northern Mexico, is now pausing development activities until after the U.S. presidential election, its CEO Elon Musk said during the EV maker’s second quarter 2024 webcast.
The 15-mtpa Freeport LNG facility remains under the spotlight of the global market as it slowly resumes operations after pausing ahead of Hurricane Beryl’s arrival along the U.S. Gulf Coast.
Mexico, the largest export market for U.S. petroleum products, expects to lessen its foreign fuel dependence as its builds a new $16 billion refinery.