Mexican crude exports to Asia fall
Mexico’s crude oil exports rose by 89K b/d m-o-m in March to 1.8M b/d, data from Pemex showed. Exports to Europe increased by 109K b/d m-o-m (or 94%) to 225K b/d, while exports to the Americas grew by 175K b/d m-o-m to 762K b/d. Yet exports to Asia fell by 233K b/d to 157K b/d, the lowest level since May 2017. Total crude output was up by 16K b/d m-o-m to 1.75M b/d.
Meanwhile, Pemex announced plans today to immediately reduce fuel imports through the rest of the year, according to Reuters, with the company’s trading unit PMI undergoing negotiations with suppliers to reduce imports in May and June.