Mexico’s crude oil exports fall in January

Oil

Mexico’s crude oil exports declined by 264K b/d m-o-m and 281K b/d y-o-y to 979K b/d in January, falling after previously reaching an eleven-month high in December 2020, according to data from Pemex. Loadings to Asia tumbled by 159K b/d (or 36%) m-o-m to a five-month low of 282K b/d, with exports to the Americas also falling by 77K b/d m-o-m to 567K b/d. Refinery throughputs increased by 54K b/d m-o-m and 149K b/d y-o-y to 706K b/d, the highest level since April 2018, whereas crude oil output remained largely flat m-o-m at 1.65M b/d.

Gasoline imports decreased by 71K b/d m-o-m and 177K b/d y-o-y to a seven-month low of 317K b/d, with arrivals of diesel also falling by 34K b/d m-o-m to 96K b/d after rising to the highest level since March 2020 during the previous month. Fuel oil exports rose by 12K b/d m-o-m and 52K b/d y-o-y to 132K b/d, the highest since September 2020.