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Mexico’s crude exports fall to record low in January

Oil

Mexico’s crude oil exports declined by 205K b/d m-o-m and 147K b/d y-o-y to 832K b/d in January, falling to the lowest level on records dating back to 1990, according to data from Pemex. Exports to Asia tumbled by 253K b/d m-o-m and 187K b/d y-o-y to 95K b/d, while shipments to Europe also declined by 50K b/d m-o-m to 126K b/d. Loadings to the Americas rose by 100K b/d m-o-m to 611K b/d however, the highest level since September. Pemex recently announced it will slash crude exports across 2022 and may suspend them altogether in 2023 in order to prioritise domestic fuel demand, according to Reuters. Mexico’s gasoline imports fell by 84K b/d m-o-m to 342K b/d, while arrivals of diesel declined by 13K b/d m-o-m to 89K b/d.