Financial Briefs

Breaking financial news from Wall Street to Main Street

Weak US Oil Demand Blunts Storm Outages

Posted by financialbriefs on September 26, 2008

For Mexico’s state oil company, Pemex, the good news came when twin severe hurricanes avoided its offshore oil platforms this month.

The bad news came after the storms struck U.S. Gulf Coast refineries, slashing oil demand in its biggest market. Pemex said late Wednesday it has been forced to trim its already struggling oil output by 250,000 barrels a day, or 9%, due to brimming inventories caused by lingering outages at U.S. plants.

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