Pemex crude oil exports fall 8% in October due to fewer purchases from the US and an increase in the Mexican mix

The crude export volume of Mexican oil (Pemex) fell by 8% in one year when it reached October with an average of 1,016 million barrels per day, the lowest for this period in 30 years in which the state company presented its records.

The foregoing, despite the fact that the price of the export mix averages 64 dollars per barrel, 80% higher than the average of 35.8 dollars per barrel last year. Thus, the volume of exports has fallen by 24% in the last decade, according to reports Pemex.

These reductions have been caused by lower purchases by the United States, which has diversified the origin of its imports while refining companies have found a greater supply of domestic crude from unconventional oil from the south of the country, mainly.

Thus, in one year, Mexican crude oil exports to the neighboring country to the north fell by 12%, reaching 587,000 barrels per day on the average from January to October.

And in a decade, crude oil exports to the United States have fallen by 49% in volume, since in the same way, the average from January to October of this year is the lowest for which there are records in the Institutional Databases of the company.

It should be remembered that the current energy policy of the president Andrés Manuel López Obrador intends to lower crude oil exports even further to allow domestic production to be used in national refining processes, with the modernization of the six refineries that Pemex has and the opening in July of next year of the new one. Dos Bocas refinery, in Tabasco.



Reference-www.eleconomista.com.mx

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