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Mexico to Halt Some Oil Exports, Further Squeezing Global Market
Mexico’s state-controlled oil company plans to halt some crude exports over the next few months, a move that would cut supply from a tightening global market. Petroleos Mexicanos, also called Pemex, canceled contracts to supply its flagship Maya crude oil to refiners in the US, Europe and Asia, according to people with knowledge of the situation, who asked not to be named because the information is private. The export cut, coming at a time when OPEC and its allies are already curbing production, threatens to drive up oil prices that are at a six-month high. Physical supplies — especially heavier, sour grades such ... (full story)