Mexico’s crude oil exports fall to five-month low

Oil

Mexico’s crude oil exports declined by 115K b/d m-o-m and 40K b/d y-o-y to 983K b/d in September, falling to the lowest level since April, according to data from Pemex. Shipments to Asia decreased by 172K b/d m-o-m to a sixteen-month low of 215K b/d, with loadings to Europe also falling by 42K b/d m-o-m to 117K b/d. Exports to the Americas increased by 100K b/d m-o-m to 652K b/d however, rising after falling to a five-month low in August. Crude oil output built by 52K b/d m-o-m to 1.71M b/d, the highest level since March 2020.

Clean petroleum product imports declined by 57K b/d m-o-m to a six-month low of 341K b/d, with arrivals of diesel decreasing by 50K b/d m-o-m to 61K b/d. Fuel oil exports rose by 57K b/d m-o-m to 194K b/d, the highest level on SSY records dating back to 2011.