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Tuesday, September 23, 2008

Energy News Roundup

Mexican oil production falls 9 percent
Mexico's state-run oil company says output fell 9 percent to 2.83 million barrels a day in the first eight months of the year. Petroleos Mexicanos says sagging oil production is due a drop at its main Cantarell oil field. Output there was down by 26 percent to 998,000 barrels a day. The company said Monday that the decline helped cut exports to 1.43 million barrels a day, down 16 percent from the year-ago period.

Saudis Cut Oil Sales To Large Global Customers - US Refiner
Saudi Arabia is cutting oil exports to some of its biggest global refining customers, but not in the U.S., an independent U.S. refiner said Monday. "There are Saudi cutbacks, but it did not affect us," a person familiar with the refiner's crude purchasing said. "It affected some of their big global customers."

Not All Oil Sands Plans Face Huge Costs Hikes
The multibillion-dollar cost jump that has hit the Fort Hills oil sands development is not representative of other proposals in the industry, which is struggling to deliver projects on time and on budget, the new head of Canada's main oil and gas lobby said Monday.

China's August Oil Demand Strong But Outlook Muted
The stockbuilding has given an injection to apparent demand growth, which in July soared to a two year high even as oil hit a record above $149 a barrel and China's drivers wrestled with a surprise rise in state-set fuel prices.

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