Exports of crude oil by Mexico's Pemex fell 44% in January

Official numbers reveal that crude oil exports from the Mexican state energy company Pemex fell 44% in January, compared to last year, to 532 404 barrels per daily (bpd), their lowest level in decades. The company admits it has been struggling with crude's quality.

The level for January is the lowest monthly since records began in their present form in 1990. Exports were just above 811,000 bpd last year and just over 1 million bpd the year before.

Sales to the Americas According to figures released on Tuesday, sales to the Americas were 326,944 bpd, or 36% lower than the previous year.

Pemex's Chief Executive Officer Victor Rodriguez admitted in recent weeks that there was a "temporary problem" with the amount of salt and water that had been added to its crude oil. He also acknowledged that some customers complained.

Rodriguez stated that Pemex is working to solve the problem and exports are not affected.

In January, Pemex produced 1.62 million barrels per day of crude oil and condensate. This is 12% less than a year ago.

Pemex's production of gasoline rebounded despite the decline in exports, and imports dropped by 23% since January 2024.

Pemex doesn't explain monthly export figures, but it has pointed out in recent years that important fields in the Gulf of Mexico have been depleted when new discoveries didn't live up to expectations.

Mexico has made improvements in its refining process, but it still isn't producing enough fuel to be able to stop importing it.

In January, the processing across Pemex’s seven local refineries was 886,787 barrels per day, a 7% decline. It did not produce any oil last month, despite the fact that its 340,000-bpd Olmeca refinery has a production capacity. (Reporting and editing by Ana Isabel Martinez)

(source: Reuters)