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OIL PRODUCTS
In 2024, Mexico’s Pemex is likely to see its refining infrastructure exceed 1m b/d of crude processing for the first time in nine years, according to Argus.
- The six national Pemex refineries processed 954k b/d in January, up 14% year-on-year and up 16% on December.
- The Salina Cruz refinery – Mexico’s largest – saw a 54% rise in crude processing.
- Pemex’s refineries have a capacity to process 1.627m b/d of crude.
- To reach 1m b/d, the commercial start-up of the 340k b/d Olmeca refinery, which has been hit by ongoing delays, will be required.
- For Mexico to be self-sufficient for gasoline and diesel supplies – combined demand averages around 1.2m b/d – Pemex will need to raise production by a further 0.5m b/d even after factoring in Olmeca.
- Pemex’s latest self-sufficiency promise would be reached by 2026 if it can renovate the refining system and operate at full capacity, Argus said.
Source: Argus Media
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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