Upon reaching the third month of the year, Petróleos Mexicanos (Pemex) exported a volume of 905,000 barrels of crude oil per day, which implied an increase of 8.7% compared to January of this year, while derived from the geopolitical situation in Regarding the peso against the dollar and the price of hydrocarbons, it has increased its income from the sale of crude oil, reducing only marginally the volume of oil sales abroad.
And it is that while between January and March there was this decrease in volume, in value, crude oil exports increased by 39% in the same period, to stand at 2,813 million dollars during the third month of the year, which is 800 million dollars more than what was reported in February.
In the monthly comparison, the value of these exports increased by 25%, with which Pemex obtained 558 million dollars more in March than in February. Meanwhile, in annual terms, the value of exports in March was 63.5% higher than that of the third month of 2021, which implied additional income of 1,093 million dollars for the Mexican State company.
Meanwhile, in the average of the first quarter of the year, Petróleos Mexicanos exported a volume of 887,300 barrels of crude oil per day, which implied a reduction of only 8.5% or 82,700 barrels per day compared to the same period of 2021, because despite the commitment to reduce these exports to use the crude oil in national refining, the high international oil prices force the federation to maintain revenues in this way.
Month after month, the volume of crude oil exports has decreased in annual terms: 15% to settle at 832,000 barrels per day in January; 8%, to settle at 925,000 barrels per day in February, and in March, it decreased only 2.1% to settle at 905,000 barrels per day.
Despite the fact that the current administration has decided to reduce exports in order to use crude oil in national refining, the high prices of crude oil caused a monthly increase of 11% in the volume of oil sales in Petróleos Mexicanos (Pemex) that in February it exported 925,000 barrels per day.
And it is that the price of the Mexican mixture of crude oil went from an average of 56.49 dollars per barrel in the first quarter of 2021 to 88.91 dollars in the first quarter of 2022.
Meanwhile, at the end of the first quarter of last year, the price of the US dollar was 20.44 pesos per unit, according to the Bank of Mexico report.
Upon reaching this closing in 2022, it stood at 19.91 pesos per dollar, which implies a reduction of 2.6% in favor of the peso in the exchange rate, which benefits companies such as Pemex that buy and sell crude oil and fuels at prices spot of international markets in dollars.
Deer Park reported a profit in the first quarter
In its report to the Mexican Stock Exchange, for the first time since its acquisition, Pemex reported on the performance of the Deer Park refinery in Texas, which at the beginning of this year it bought in its entirety from the Anglo-Dutch Shell, for 1,600 million dollars, which owned 51% share.
In the quarterly report, the general director of Pemex, Octavio Romero Oropeza, explained that during the first quarter this new asset added a profit of 195 million dollars. The purchase of this complex with a capacity of 340,000 barrels of crude oil is part of the strategy of the president, Andrés Manuel López Obrador, to prioritize refining.