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Mexico’s crude oil exports reach five-month high in May

Oil

Mexico’s crude oil exports rose by 110K b/d m-o-m to 1.03M b/d in May, rising to the highest level since December 2020 after previously falling to a six-month low in April, according to data from Pemex. Shipments to Asia accounted for most of this increase, rising by 90K b/d m-o-m to a five-month high of 320K b/d, with exports to the Americas also increasing by 20K b/d m-o-m to 590K b/d. Loadings to Europe edged down by 10K b/d m-o-m to 130K b/d however, a seven-month low.

Clean petroleum product imports rose by 30K b/d m-o-m and 140K b/d y-o-y to 490K b/d, with arrivals of diesel increasing by 20K b/d m-o-m to 130K b/d, the highest level since March 2020. Gasoline imports also rose by 10K b/d m-o-m to 360K b/d. Fuel oil exports declined by 40K b/d m-o-m to 130K b/d, falling for the second month in a row to the lowest level since February.