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Mexico 3Q19 Crude Production Rises, Crude Exports to Asia on Upward Trend

Oil

Mexico’s crude oil production rose 22K b/d m-o-m to a year-to-date high of 1.71M b/d in September, but this was still down 103K b/d annually, Pemex data show. At 1.69M b/d, average output in the 3Q19 was 16K b/d higher q-o-q, marking its first quarterly increase since 2015.

Crude exports in September dropped 87K b/d m-o-m and 211K b/d y-o-y to 995K b/d, which was a joint-lowest since May 2017. Shipments to Europe and the Americas fell by 61K b/d m-o-m and 86K b/d m-o-m to 100K b/d and 539K b/d respectively, while those to Asia gained 59K b/d m-o-m to 355K b/d. Notably, although Mexico’s average monthly crude exports to Europe and the Americas have both declined annually in January-September 2019, those to Asia have nudged up by 22K b/d to 355K b/d.

By early afternoon in London, ICE Brent was trading at $60.90/bbl, down $0.67/bbl from the end of Monday’s trading.