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Venezuela said on Tuesday that it would reduce its oil production by 95,000 bpd to support the producers deal to cut global output and strengthen crude prices. Jan. 1 marks the start of the pact by the OPEC and non-OPEC producers to reduce production by almost 1.8 mil bpd.
 
Libya has managed to boost its oil production to 622,000 bpd after armed factions agreed to lift a 2 year blockade on major western pipelines on 14 December, a report from the National Oil Corporation (NOC) said. Prior to the agreement, Libya’s output was at 600,000 bpd, having doubled since September. The NOC said that it could add a further 175,000 bpd to production within 1 month and 270,000 bpd within 3 months, after the pipelines from the Sharara and El Feel fields were reopened. Libya is one of two members of the OPEC exempted from a recent pledge to cut output.
 
Mexico's finance ministry said on Tuesday local gasoline prices will increase by as much as 20.1 pct from Jan. 1. as part of a fuel-sector-liberalization program that seeks to end years of government-set pump prices. In a statement, the ministry said the widely used Magna gasoline brand will rise 14.2 pct and will sell at retail at an average of 15.99 pesos a liter at, while Premium fuel will go up 20.1 pct to an average of 17.79 pesos a liter. Diesel is set to rise by 16.5 pct, with an average price of 17.05 pesos a liter. The ministry said it would set a maximum gasoline price through Feb. 3.

Other News

28.12.2016

Free vehicle inspection at PTT service stations during New Year Festival

For safety before traveling over the holidays.

20.12.2016

“PTT” Your road safety buddy throughout New Year Holidays

PTT is hoped that consumers will use caution when traveling.

09.12.2016

Photo Caption : PTT follows the King’s footstep on education by granting more than 2,500 Thai youth scholarships

With support education through scholarships PTT continuously since 2539 onwards