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Mexico’s crude oil output rises to ten-month high in February

Oil

Mexico’s crude oil output increased by 18K b/d m-o-m to 1.67M b/d in February, rising for the fourth consecutive month to the highest level since April 2020, according to data from Pemex. Crude oil exports also grew by 27K b/d to 1.01M b/d, supported by loadings to the Americas and Europe which increased by 16K b/d m-o-m to 580K b/d and 10K b/d m-o-m to 140K b/d respectively.

Total oil product imports declined by 82K b/d m-o-m and 406K b/d y-o-y to an eight-month low of 430K b/d, with arrivals of diesel falling by 32K b/d m-o-m and 91K b/d y-o-y to 64K b/d, which is the lowest level since January 2010. Gasoline imports also decreased by 46K b/d m-o-m and 248K b/d y-o-y to 279K b/d. Fuel oil exports rose for the third month in a row however, increasing by 14K b/d m-o-m and 88K b/d y-o-y to a five-month high of 146K b/d.