Petroleos Mexicanos ’s refinery output in 2016 fell to the lowest level in 26 years as government budget cuts forced the Mexican state oil company to delay maintenance. Only three of seven major planned maintenance projects were carried out in 2016, while Pemex’s six refineries registered as many as 88 unplanned unit stoppages during the year, according to company documents Bloomberg obtained through a records request. Crude processing fell 12 percent in 2016 compared to a year ago to 933,062 barrels a day, the lowest yearly volume since 1990, when Mexico’s energy information agency, an arm of the Energy Ministry, started publishing the data. “The key issue is that Pemex needs resources in order to boost output; without that it is very difficult to expect a more positive outcome,” Ixchel Castro, senior analyst for Latin American oils and refining markets at Wood Mackenzie, said Monday by phone from Mexico […]