Bloomberg News

Pemex Reopens Dos Bocas Oil Export Port on Better Weather

October 17, 2011

(Adds oil exports in third paragraph, crude prices in final paragraph.)

Oct. 17 (Bloomberg) -- Petroleos Mexicanos, the state-owned oil company, reopened a second crude-export terminal in the Gulf of Mexico after weather conditions improved.

The terminal at the port of Dos Bocas reopened, Mexico’s Merchant Marine said in a weather bulletin on its website today. Mexico closed the oil ports of Dos Bocas and Cayo Arcas Oct. 15. Cayo Arcas reopened earlier today, while Coatzacoalcos remained open.

Pemex, the second-largest supplier of oil to the U.S., exported 1.361 million barrels of crude a day in 2010. About 84 percent, or 1.139 million barrels, was sold to the U.S. last year, according to Pemex statistics. Canada is the largest supplier of crude to the U.S.

Cayo Arcas is the Mexico City-based company’s largest export terminal, followed by Coatzacoalcos and Dos Bocas, respectively.

Crude oil for November delivery declined 0.5 percent to settle at $86.38 a barrel on the New York Mercantile Exchange. The Oct. 14 closing price of $86.80 was the highest since Sept. 20.

--Editors: Jasmina Kelemen, Charles Siler

To contact the reporter on this story: Carlos Manuel Rodriguez in Mexico City at carlosmr@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net


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