Mexico’s crude oil exports rise to eleven-month high

Oil

Mexico’s crude oil exports increased by 72K b/d m-o-m and 128K b/d y-o-y to 1.24M b/d in December, rising for the second consecutive month to the highest level since January 2020, according to data from Pemex. Loadings to Asia jumped up by 126K b/d (or 40%) m-o-m and 32K b/d y-o-y to 441K b/d, the highest since April 2020, with exports to the Americas also rising by 20K b/d m-o-m to 644K b/d. Exports to Europe fell by 75K b/d m-o-m to 158K b/d however.

Loadings of fuel oil shot up by 33K b/d (or 38%) m-o-m and 39K b/d y-o-y to 121K b/d, after previously tumbling to a 7-month low in November. Gasoline imports fell by 54K b/d m-o-m and 147K b/d y-o-y to 388K b/d, whereas imports of diesel increased by 15K b/d m-o-m to 130K b/d, the highest since March 2020.