Pemex Keeps More of Its Crude in Mexico as Refineries Ramp Up

5/4/2017 Bloomberg

Oil barrelsPemex is producing more gasoline and diesel at its six refineries across Mexico, reducing fuel imports and leaving less oil available for export.

In the first three months of the year, Mexico’s refineries processed 21 percent more crude than a year earlier, according to a company presentation. The increase has largely come from crude that was previously being sent to Asia and the U.S. According to government data, exports of Isthmus medium crude fell 57 percent over the period, while total crude exports were down 3.6 percent.

“Isthmus exports have fallen and that trend should continue if Pemex’s rise in utilization rates is maintained,” said Ixchel Castro, senior analyst at energy consultant Wood Mackenzie in Mexico City. “We can still expect shipments to Asia and the U.S. but at volumes much lower than what we saw the second half of last year.”

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