Oil news and market movers: Pemex in the balance
- Pemex, one of the biggest refiners in the US, has cut its production in two separate plants, Bloomberg reports:
- One refinery still sees production hiccups due to a fire back in April.
- A second refinery was forced to reduce its productivity due to air quality limitations .
- Indian state-owned refiners are in talks with Russia for Ural Oil deliveries at a discounted price of around $3 to $5 below current benchmark prices after Reliance Industries Ltd. struck a deal earlier with Moscow, according to Reuters.
- The American Petroleum Institute (API) will release its weekly figures on Tuesday at 20:30 GMT. The agency reported a drawdown of 2.265 million barrels last week.
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