Mexico’s crude exports reach six-month low in October

Oil

Mexico’s crude oil exports declined by 47K b/d m-o-m to 936K b/d in October, falling for the third consecutive month to the lowest level since April, according to data from Pemex. This remains up by 28K b/d y-o-y however. Loadings to the Americas fell by 160K b/d m-o-m to a seven-month low of 491K b/d, whereas exports to Asia rose by 100K b/d m-o-m to 315K b/d. Crude oil output decreased by 17K b/d m-o-m to 1.69M b/d, falling after reaching the highest level since March 2020 in September.

Clean petroleum product imports rose by 15K b/d m-o-m to 363K b/d, supported by loadings of diesel which increased by 10K b/d m-o-m to 71K b/d. Fuel oil exports built by 23K b/d m-o-m to 217K b/d, the highest level on SSY records dating to 2011.