Mexico’s Top Oil-Export Terminal Shut as Summer Demand Jumps

By Lucia Kassai (Bloomberg) —

Petroleos Mexicanos shut down the country’s largest oil-exporting terminal because of a leak, adding to a string of major operational headaches for the state-owned company just as the summer driving season increases demand for crude.

The FPSO Yúum K’ak’ Náab in the Gulf of Mexico was shut on Sunday because of a crude leak in one of its hose trains, according to a shipping report seen by Bloomberg. Last month, Pemex shut its Salina Cruz terminal after hoses loading a ship were blown off by strong winds, and a company gas platform had an explosion that killed two people.

The incidents come at a time of the year when state-owned Pemex typically boosts oil sales to the US to meet demand from the busy summer driving season. While the FPSO and Salina Cruz are expected to resume service later this week, Pemex is reactivating a floating platform at the Cayo Arcas terminal on Wednesday, according to a shipping report.

The activation is meant to help ease a backlog of seven ships waiting to load 8 million barrels of oil for clients in the US, South Korea, China and India.

Pemex didn’t return an email seeking comment.