Exports of crude oil by Mexico's Pemex rose 33% from January to February

The crude oil exports of the Mexican state energy company Pemex increased 33% from January to February, recovering from the drop in the previous month but still being down 25% when compared with February 2024.

Pemex published data late Tuesday showing that crude exports reached 709,793 barrels a day (bpd) in February.

About 60%, or 428 357 bpd of these exports went to the United States. The majority of this was the Maya heavy crude blend.

Crude exports fell by 44% in January compared to the same period last year, reaching their lowest level for decades.

The head of Pemex’s trading unit PMI confirmed a report that was published in early March, saying Pemex actively seeks to diversify the market for its crude oil exports as well as motor fuel imports.

The production of crude and condensate rose marginally by 0.5% in February, compared with January. However, it was 10.5% less than in the same month in last year due to a gradual drop in pumping over recent months.

Pemex attributes the decline in production to the depletion and degradation of key fields.

The company has a debt of nearly $98 billion, plus another $25 billion owed to suppliers.

Mexico's president Claudia Sheinbaum said on Wednesday that Pemex has paid out 147 billion Mexican Pesos (7.31 billion dollars) to suppliers.

After months of declines, oil-only production was relatively stable at 1,37 million bpd.

Pemex reported that it increased crude processing in its local refineries by 0.8%, to 898.153 bpd. However, this was down 4% on an annual basis.

Olmeca's new refinery that was widely publicized, and which claimed to be able to process up 340,000 barrels per day, actually processed only 6,797 barrels per day after doing nothing in January when the company said they were affected by salinity issues.

Pemex produced 334,791 bpd in February, an 8% increase on the previous year, and 168.452 bpd in diesel, which is very similar to what was produced in 2024.

Fuel oil production dropped by 26% to 220 752 bpd in February, with Pemex exporting 183 426 bpd.

In February, gasoline imports fell 33% year-on-year compared to January and 15% compared to the previous month.

Pemex wants to keep crude oil production at 1.8 million barrels per day (bpd) during Sheinbaum’s six-year tenure. The majority of this will be processed in Mexico, to make the fuels Mexico requires domestically. ($1 = 20.11103 Mexican pesos). (Reporting and editing by Ana Isabel Martinez)

(source: Reuters)