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AMERICAS OIL: MEXICO TRACKER: February Oil Exports Rebound Amid Quality Issues

AMERICAS OIL
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MEXICO TRACKER: February Oil Exports Rebound Amid Quality Issues

  • Bloomberg reports Mexican oil exports soared in February from a 35-year low to 830k b/d, up 46% or 260k b/d from 570k b/d the previous month, but still 23% lower compared with a year earlier.
  • Volumes to the US climbed 41% or 143k b/d to 494k b/d from 351k b/d though refiners in the US and Europe continue to complain about quality issues with flagship Maya oil, which has more water and salt than refineries can typically handle.
  • The lack of refinery-ready oil also caused Pemex’s largest refinery of Dos Bocas to shut in mid-December. Restart of the refinery, initially announced for the third week of February, is now seen in the coming days, according to a company official.
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MEXICO TRACKER: February Oil Exports Rebound Amid Quality Issues

  • Bloomberg reports Mexican oil exports soared in February from a 35-year low to 830k b/d, up 46% or 260k b/d from 570k b/d the previous month, but still 23% lower compared with a year earlier.
  • Volumes to the US climbed 41% or 143k b/d to 494k b/d from 351k b/d though refiners in the US and Europe continue to complain about quality issues with flagship Maya oil, which has more water and salt than refineries can typically handle.
  • The lack of refinery-ready oil also caused Pemex’s largest refinery of Dos Bocas to shut in mid-December. Restart of the refinery, initially announced for the third week of February, is now seen in the coming days, according to a company official.