Mexico’s gasoline imports reach 13-month high

Oil

Mexico’s gasoline imports increased by 106K b/d m-o-m and 38K b/d y-o-y to 426K b/d in December, rising for the third month in a row to the highest level since November 2020, according to data from Pemex. Arrivals of diesel also rose by 15K b/d m-o-m to 102K b/d, however this is a decline of 27K b/d y-o-y. Fuel oil exports decreased by 11K b/d m-o-m to a four-month low of 159K b/d. Crude oil exports built by 10K b/d m-o-m to a four-month high of 1.04M b/d, supported by shipments to Europe and Asia which rose by 40K b/d m-o-m to 180K b/d and by 20K b/d m-o-m to 350K b/d respectively. Loadings to the Americas declined by 60K b/d m-o-m to 510K b/d however. Across 2021 Mexico’s crude oil exports averaged 1.02M b/d, which is down by 100K b/d y-o-y and the lowest annual amount since 1980.