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Pemex Cuts Crude Exports to Lowest on Record

OIL

Mexico’s Pemex has cut its crude exports to the lowest level on record as the government looks to redirect crude to its domestic refineries, according to Bloomberg.

  • Pemex exported 686.8k b/d in March, the lowest level since Pemex began tracking the data in January 1990.
  • This represents a fall of 27% on the month.
  • On April 1, Bloomberg reported that Pemex was cancelling export contracts for crude to keep supply domestically.
  • The Americas was the region most affected by the drop in exports, down 34% on the month to 403.15k b/d.
  • Exports to Europe fell 17%, while exports to the Far East were down 9%.
  • Mexico’s President AMLO insists that Pemex will meet all of Mexico’s gasoline and diesel demand, but Pemex continues to be set by multimillion dollar losses.
  • The new 340k b/d Dos Bocas refinery continues to be set with delays.
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