FNS News: For the first time in 15 years, dollars sent home by Mexicans working in the United States have surpassed the value of Mexico’s oil exports. According to the central Bank of Mexico, the flow of migrant remittances from the U.S. reached $14.3 billion from January to July of this year. In contrast, money earned from oil exports came to about $12.2 billion during the same time period, according to the Pemex national oil company.
Alfredo Salgado Torres and Juan Jose Li Ng, analysts for the BBVA-Bancomer bank, attributed a spike in remittances to better conditions in the U.S. economy, exemplified by improved employment in states with large immigrant populations like Texas and California, as well as the ongoing peso devaluation that provides greater incentives for migrants to send money to their loved ones back home.
The MexicoBlog of the CIP Americas Program monitors and analyzes international press on Mexico with a focus on the US-backed War on Drugs in Mexico and the struggle in Mexico to strengthen the rule of law, justice and protection of human rights. Relevant political developments in both countries are also covered.
Showing posts with label oil exports. Show all posts
Showing posts with label oil exports. Show all posts
Sep 1, 2015
Brazil And Mexico Vie for Cash From Oil Explorers in Price Rout
Bloomberg: Brazil and Mexico are preparing to compete for investments from some of the same oil majors when they hold auctions that are only a week apart at a time the price rout is prompting spending cuts.
Royal Dutch Shell Plc, Statoil ASA and Cnooc Ltd. have registered to compete for the next auctions in both Mexico and Brazil, scheduled for Sept. 30 and Oct. 7, respectively. Mexico has already sweetened terms for producers after the country’s first-ever auction on July 15 only drew bids for two of the 14 blocks for sale. Read more.
Royal Dutch Shell Plc, Statoil ASA and Cnooc Ltd. have registered to compete for the next auctions in both Mexico and Brazil, scheduled for Sept. 30 and Oct. 7, respectively. Mexico has already sweetened terms for producers after the country’s first-ever auction on July 15 only drew bids for two of the 14 blocks for sale. Read more.
Jan 24, 2015
Mexico looks the other way as contractors fleece oil giant Pemex
Reuters: The state-owned petroleum giant Pemex paid $9 million in 2011 to have an oil rig towed halfway round the world, from the United Arab Emirates to the Gulf of Mexico. When government auditors looked at the contract, they turned up some problems.
The rig had the wrong equipment for the assignment, according to a report by Mexican congressional auditors. And the tow job itself was a fiction: The rig didn’t need to be moved. It was already in the Gulf of Mexico. Read more.
The rig had the wrong equipment for the assignment, according to a report by Mexican congressional auditors. And the tow job itself was a fiction: The rig didn’t need to be moved. It was already in the Gulf of Mexico. Read more.
Jan 2, 2015
Mexico's Light Crude, Shunned For U.S. Shale, Sails East
Reuters: Mexican crude oil is sailing to the U.S. East Coast at the highest rate in over a decade, according to customs data reviewed by Reuters, in a sign deepening discounts help crack open new markets as domestic shale inundates Texas.
Delta Air Lines-owned Monroe Energy received nearly 500,000 barrels of light-sour Mexican crude in September and a similar cargo in October at its 185,000-barrel-per-day refinery in Trainer, Pennsylvania, according to U.S. Energy Information Administration data. It was the refiner's first imports from Mexico since 2009, the furthest the data go back. Read more.
Delta Air Lines-owned Monroe Energy received nearly 500,000 barrels of light-sour Mexican crude in September and a similar cargo in October at its 185,000-barrel-per-day refinery in Trainer, Pennsylvania, according to U.S. Energy Information Administration data. It was the refiner's first imports from Mexico since 2009, the furthest the data go back. Read more.
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