Mexico’s crude oil exports continue to tumble

Oil

Mexican crude oil exports decreased by 115K b/d m-o-m and 55 b/d y-o-y to 908K b/d in October, falling for the second month in a row to the lowest level on records dating back to 1990, according to data from Pemex. Loadings to the Americas fell by 63K b/d m-o-m and 93K b/d y-o-y to 477K b/d, with exports to Europe also falling by 65K b/d m-o-m to 128K b/d. Exports to Asia increased by 12K b/d m-o-m and 98K b/d y-o-y  to 302K b/d however.

Fuel oil exports fell by 49K b/d m-o-m to 130K b/d after previously rising for the past six consecutive months. Gasoline imports declined by 20K b/d m-o-m to 359K, falling for the second month in a row, whereas diesel imports edged up by 9K b/d to 94K b/d.