Pemex to Gradually Reduce Exports on Dos Bocas Startup: President

The reduction in Pemex’ crude oil export will be gradual as the firm is raising its refining capacity with the start up of the new 340kbpd Dos Bocas refinery, Mexican President Andrés Manuel López Obrador said Thursday, cited by Dow Jones.

• "Pemex has a plan, producing about 1.85 million barrels a day of crude oil, half is earmarked for refineries and the other half is being exported," he said.
• Crude oil exports are projected at 900kbpd, he added.
• On the latest news that Pemex requested to cancel up to 436kbpd of crude exports this month as it ramps up production at the Dos Bocas refinery, he said: "exports will be adjusted to the extent that we have the full capacity to refine the raw material, the crude, in the country," López Obrador said.
• “When the new Olmeca refinery starts operating fully, in May or June, those barrels would no longer be exported” he added.
• Gasoline, diesel, and jet fuel production from Pemex is estimated to rise to 1.05mbpd in 2024, to 1.33mbpd in 2025 and to 1.4mbpd in 2026, he said.
• Mexico’s gasoline production is forecast to rise to 565kbpd by September, compared with 335kbpd in March. Diesel and jet fuel output is expected to rise to 429kbpd in September up from 238kbpd in March.
• According to the budget report from the Finance Ministry, crude exports are expected at 967kbpd this year and at 958kbpd next year.