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Pemex Figures Highlight Supply Tightness Ahead

OIL

Mexico’s Pemex exported 681,000 bpd of crude in April – 31% lower y/y.

  • At 484,000 bpd, exports to the U.S. slipped 16% y/y. Flows to Europe of 99,000 bpd in April were 54% lower y/y.
  • Exports have been in decline since 2004 when they peaked at 1.8mn bpd. Large fields have been depleted and new fields have failed to fill the void.
  • Factors like the startup of Dos Bocas are expected to pull further volumes off the export market. Reuters reported last week the refinery only pulled 16,3000 bpd in May indicating it is well behind schedule.
  • In April, Pemex refineries processed on average 950,699 bpd, almost 4% higher y/y though some have been hit by setbacks in May.
  • Pemex is aiming to process 1.45mn bpd by the end of the year including Dos Bocas.
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