Mexico shutting 600,000 bpd oil output due cold front
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Mexico's state-owned oil company Pemex was shutting down about one-fifth of its daily output on Sunday due to bad weather, but said it expects to quickly resume output within days.
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Core Gulf producer Kuwait will meet its OPEC cut by lowering oil product sales by 190,000 barrels per day (bpd) during first-quarter refinery maintenance, a Kuwaiti oil official said on Wednesday.
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Oil rose on Monday, nearing $91 a  barrel, with prices supported by the closure of Mexico's oil  export terminals due to bad weather, as well as OPEC's  dismissal of calls to raise output.
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Crude oil futures traded near a record on concern supply from the Gulf of Mexico will be reduced while hurricane repairs are completed during the next six months.
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Oil prices closed above $50 a barrel for the first time Friday as concerns linger about damage to oil production in the Gulf of Mexico from Hurricane Ivan.
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DALLAS (CBS.MW) -- Oil and gas production in the Gulf of Mexico remains off line and tankers continued to sit idle offshore Friday, raising questions about how much further the nation&#39;s crude inventories will be depleted following Hurricane Ivan.
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Oil prices surge to near record highs after production facilities are attacked in Mexico.
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Honda, Hershey's and other multinational companies temporarily shut down their factories in western Mexico on Wednesday after rebels attacked a key natural gas pipeline.
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Oil futures retreated from record highs today on word that Mexican production is returning to normal and on expectations that a government report will show crude supplies grew last week.
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Hurricane Ivan, responsible for at least 60 deaths in the Caribbean, was expected to move westward later today, lessening the threat to Cuba and prompting a warning for Mexico&#39;s Yucatan Peninsula.
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Oil major BP Plc  has shut down  10,000 barrels per day of oil production at its giant Prudhoe  Bay oil field in Alaska after discovering a leaking flow line,  the Anchorage Daily News reported on Saturday.
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BP  said on Wednesday  production at its Prudhoe Bay oil field in Alaska, the largest  in the United States, fell to 110,000 barrels per day (bpd) due  to a technical fault. A company spokesman said the reduced  output would last for several days. Production had previously  been about 200,000 bpd, around half the field's normal output.
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Oil prices fell on Monday,   threatening to test a new six-month low under $60 a barrel as   news of BP restoring output at Prudhoe Bay added to a sense of   healthy supplies, while demand growth questions loomed large.
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DUBAI/ABUJA  - OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices back above $60.
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Oil major BP Plc  said on  Thursday it will delay to next week its decision on whether to  completely shut down the western portion of its 400,000 barrels  per day Prudhoe Bay oil field.
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Up to 1,200 companies in Mexico  stopped production because of problems with the supply of  natural gas following a rash of pipeline explosions caused by  rebels, an industrial group said on Thursday.
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The Organization of the Petroleum  Exporting Countries (OPEC) has agreed informally the need to  cut production by at least 1 million barrels per day (bpd) to  keep the price of its crudes above $50-$55, the Financial Times  reported on Thursday without naming sources.