Crude oil exports from Petróleos Mexicanos (Pemex) fell below one million barrels per day in May, reaching 964,884 barrels per day, a volume that is 6% lower than the previous year and 5.7% lower than in April, although thanks to high hydrocarbon prices, the value of these sales abroad increased by 52% in one year and 1.6% in one month, totaling 3,127 million dollars in May alone, an amount not seen for a decade.
However, the deficit in the national balance of oil revenues is explained by the fact that although gasoline imports in volume only increased 6% in one year, with which 403,949 barrels per day were purchased in May 2022, the value of these external purchases It increased by 84% compared to the same month last year, after 1,800 million dollars were spent in May 2022 for the purchase of gasoline abroad, the highest amount recorded by the state company in this area for a month.
And it is that the global geopolitical situation, which involves the scarcity of hydrocarbons in Europe due to the conflict of Russia’s invasion of Ukraine, and the increase in mobility in the world that little by little leaves behind the restrictions due to the Covid- 19, has caused unexpected increases in the price of crude oil and its derivatives.
However, these have not risen to the same magnitude, as can be seen in May, when the price of the Mexican export mix averaged 104,557 dollars per barrel, its highest value in a decade, which was 63% higher than of 2021.
But the spot price of regular gasoline on the US Gulf Coast increased more: by 84% in one year, which according to the Energy Information Administration of the government of the neighboring country to the north in May 2022, reached a price without precedent of 3.75 dollars per gallon, which is transferred to sales of Mexican gasoline (since the country imports more than 60% of consumption), although the price is contained by the fiscal stimulus through which the Treasury forgives the IEPS, VAT and ISR to consumers and marketers.
Compared to the volume of crude oil exports that was recorded in the last year of the past six-year term, 2018, it has been reduced by 21%, since it should be remembered that there is a government commitment to stop depending on the income from oil exports. crude so that the hydrocarbon is used in domestic refining and autonomy is obtained. In contrast to the volume of crude that was exported a decade ago, the drop is 19%, according to Pemex statistics.
However, in value terms, revenues from crude oil exports increased by 32% compared to 2018, derived from the fact that in 2018 the price of the Mexican export mixture was 62.7 dollars per barrel, with which in May this year it is higher by 67 percent. Compared to the value of crude oil exports a decade ago, this is 18% lower, because in 2012 the price of the Mexican export mix in May was 102.2 dollars per barrel and 1,198 million barrels of oil were exported daily. Petroleum.
The volume of imported gasoline compared to the last year of the past six-year term has been reduced by 28%, although its value increased 14% because prices are 79% higher in May this year than in the same month of 2018 .
Due to the increase in demand, the volume of gasoline imports is 29% higher than what was recorded 10 years ago, and its value is 39% higher in May this year than in the same month of 2012, despite that the price of gasoline today is 35% higher than it was then.