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AMERICAS OIL PRODUCTS: US Tariffs Could Shift Mexican HSFO to Panama: Argus

AMERICAS OIL PRODUCTS
USEnergy BulletsNorth AmericaMexicoBulletCommodities

Proposed US tariffs on Mexican goods could increase costs for Mexican HSFO in the US, potentially redirecting flows to Panama, Argus said.

  • President Trump plans to impose 25% tariffs on Mexican imports, though US oil companies are seeking exemptions for oil.
  • In Jan-Oct of 2024, Mexico's residual fuel oil exports hit a record 218,059 b/d, with the US importing 145,830 b/d, mostly to the USGC.
  • If tariffs are implemented, US companies might lower bids to offset costs, prompting Mexican exporters to seek buyers in Panama, Europe, and Singapore.
  • Panama, reliant on imports for its HSFO needs, could replace some USGC imports with Mexican barrels if prices are favourable.
  • Panama's HSFO demand averaged 25,466 b/d in early 2024, with imports mainly from Mexico, the US Gulf coast, and Peru.
  • Additionally, Trump has threatened actions to control the Panama Canal, citing unfair treatment of US ships, a claim denied by Panama's president.
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Proposed US tariffs on Mexican goods could increase costs for Mexican HSFO in the US, potentially redirecting flows to Panama, Argus said.

  • President Trump plans to impose 25% tariffs on Mexican imports, though US oil companies are seeking exemptions for oil.
  • In Jan-Oct of 2024, Mexico's residual fuel oil exports hit a record 218,059 b/d, with the US importing 145,830 b/d, mostly to the USGC.
  • If tariffs are implemented, US companies might lower bids to offset costs, prompting Mexican exporters to seek buyers in Panama, Europe, and Singapore.
  • Panama, reliant on imports for its HSFO needs, could replace some USGC imports with Mexican barrels if prices are favourable.
  • Panama's HSFO demand averaged 25,466 b/d in early 2024, with imports mainly from Mexico, the US Gulf coast, and Peru.
  • Additionally, Trump has threatened actions to control the Panama Canal, citing unfair treatment of US ships, a claim denied by Panama's president.