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Pemex Reopens Gulf of Mexico Crude Oil Terminals (Update1)

By Andres R. Martinez

Jan. 4 (Bloomberg) -- Petroleos Mexicanos, the third- largest supplier of crude oil to the U.S., reopened its crude loading terminals in the Gulf of Mexico after heavy rains and winds forced them to close starting on Jan. 1.

The terminals at Dos Bocas, Pajaritos, Cayo Arcas opened today, according to a weather bulletin update on the Web site of Mexico's Merchant Marine. The Madero and Altamira terminals opened yesterday, while the Salina Cruz terminal on the Pacific Ocean remains closed.

Mexico had closed 11 ports in the Gulf since Jan. 1 because of winds as strong as 80 kilometers (50 miles) an hour and waves of 24 feet (7.3 meters). Two freight-shipping ports are still shut. Mexico's state-owned oil company is required to dock its ships when the ports are shuttered.

Pemex, as the company is known, extracts 82 percent of the 3.1 million barrels of crude it produces daily from wells in the Gulf. The company exported about 1.7 million barrels a day in the third quarter. Pemex said it has enough reserves to export at the average level for as long as three days if ports stay shut.

Crude output fell 10 percent in August from a year earlier because of Hurricane Dean. Pemex also closed Gulf operations in October after a cold front, sending production down 5.6 percent compared with October 2006.

Canada exports the most crude oil to the U.S., followed by Venezuela.

To contact the reporter on this story: Andres R. Martinez in Mexico City at amartinez28@bloomberg.net.

Last Updated: January 4, 2008 12:18 EST

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