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OIL
Mexico is boosting its fuel oil exports because of higher domestic refinery runs according to Vortexa.
- Mexico’s Pemex plans to cut at least 330,000 bpd of crude exports in May as it diverts supplies to domestic refineries according to Reuters reports earlier this month.
- The plan follows the withdrawal of 436,000 bpd of Maya, Isthmus and Olmeca crudes this month.
- It requires the export cuts because of slowing domestic crude production while Pemex remains committed to fuel self-sufficiency plans.
- The Dos Bocas refinery alone is expected to need an average of around 179,000 bpd of crude this year, according to official figures.
- Pemex exported 1.03 million bpd of crude last year, and 945,000 bpd in January-February.
Source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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