Pemex Weighs to Start Crude Swap

Mexico's state-run oil company Pemex could start swapping domestic heavy crudes for foreign light oil in the second half of the year to raise the quality of its fuels production, said the firm's CEO Carlos Trevino.

The company, whose crude output declined to 1.89 million barrels per day (bpd) in the first quarter from 1.95 million bpd last year, is looking for lighter crude grades for its refining network, which is currently operating at 48 percent of its installed capacity of 1.54 million bpd.

Reporting by Marianna Parraga