Americas Daily Oil Summary: Pemex to Cut Crude Supply

Mexico - Pemex is planning to supply less crude over the next few months, after it cancelled supply contracts from its Maya crude oil to refiners in the US, Europe and Asia.

• The decision was made to boost domestic gasoline and diesel output ahead of the presidential election on 2 June, sources told Bloomberg.
• Utilisation rates at Mexico’s Pemex domestic refineries fell slightly in February after reaching the highest since May 2017 in January, according to company data compiled by Bloomberg. Meanwhile, Mexico’s crude oil exports fell by 35% on the month to 697kbpd in March.
• US oil production is projected to average 13.2mb/d in 2024 according to Kpler suggesting a year-on-year increase of 330kb/d.
• Venezuelan crude and products exports in March stood at 884.935kbpd, the highest level since early 2020, and up from around 617kbpd in February, ahead of the potential sanction expiry on 18 April.
• Canada - Trans Mountain will finish building the final segment of the Canadian pipeline in April, according to Reuters.
• GREENBACK: After touching the best levels of the year overnight aided by yesterday's ISM mfg strength, the USD index has turned lower over the course of today's session, currently down around 0.25%.
• MNI: US BLS: JOLTS OPENINGS RATE 8.756M IN FEB
• MNI: US FEB FACTORY ORDERS +1.4%; EX-TRANSPORT NEW ORDERS +1.1%