Pemex Cancels April Crude Exports on Dos Bocas Ramp Up

Pemex requested to cancel up to 436kbpd of crude exports this month as it ramps up production at the Dos Bocas refinery, a document seen by Reuters showed.

• The cancellation would lower Maya grade crude exports by 122kbpd in April, Isthmus grade exports by 247kbpd and Olmeca exports by 67kbpd, the document showed.
• Last month, Pemex numbers showed that its crude oil production in February had fallen to its lowest level in 45 years, curtailing available supplies for the nation's six local refineries already operating.
• "They either refine it or export it. There is not enough crude for both," source said.
• The cancellations will affect term contract customers in the US, Europe and Asia and may continue after April as the availability of Maya crudes has been lower for some time, sources said.
• Pemex’s Dos Bocas refinery in Mexico will begin refining in April according to President Andres Manuel Lopez Obrador, he said last month. He added that the refinery will produce 20% of the country’s fuel needs.
• The refinery is expected to process an average of 178.6kbpd this year according to the Energy Ministry.
• Mexico’s crude oil exports fell by 35% on the month to 697kbpd in March as the country plans to divert more oil to domestic fuel production ahead of the presidential elections on 2 June, shipping reports and US Customs data showed.