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Mexico's Pemex crude oil exports drop 31% in April from year earlier, data shows
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Mexico's Pemex crude oil exports drop 31% in April from year earlier, data shows
May 27, 2024 10:56 AM

MEXICO CITY, May 27 (Reuters) - Mexican state energy

company Pemex exported 681,000 barrels per day (bpd) of crude

oil in April, a year-on-year decrease of 31%, company numbers

showed, as production has been declining for the past few

months.

Pemex's sales to its biggest export market, "America", which

mainly consists of the United States, ​​amounted to 484,000 bpd

in April, 16% lower year-on-year. Meanwhile, sales to Europe

amounted to 99,000 bpd that month, 54% lower over the same time

period.

Pemex, which published the figures late on Friday, gave no

reason for the lower export numbers. It did not immediately

respond to a request for comment.

Crude oil exports have been declining for decades from an

all-time height of 1.8 million bpd in 2004, when the company

pumped some 3.4 million bpd.

Over the past decades, large fields have been depleted and

new discoveries have failed to compensate for the decline.

The government has previously said that crude oil exports

would decline as Pemex uses more for its domestic refineries and

the Olmeca refinery in Dos Bocas.

However, Reuters revealed last week that the new refinery

only started taking in 16,300 bpd in mid-May.

President Andres Manuel Lopez Obrador's Olmeca refinery in

the port of Dos Bocas, in the southern state Tabasco, has been

running over budget and behind schedule. Startup has been pushed

back repeatedly over the past two years.

Pemex officials have in the past said that production had

taken a hit after several fields declined.

Last week, two sources at the company said it was also

affected by oil service companies that partially or completely

started operating after they did not get paid.

To be sure, Pemex's six local refineries substantially

increased local processing during the six-year term of Lopez

Obrador that will end in October. In April, these refineries

processed on average 950,699 bpd, almost 4% more year-on-year.

This compares to an average of 611,000 bpd at the end of the

past government in late 2018. Together, they have a capacity to

process 1.6 million bpd.

Pemex has said that it expects to process around 1.45

million bpd by the end of 2024 in all its Mexican refineries,

including the new Olmeca refinery.

In April, Pemex pumped 1.5 million bpd of crude oil, the

numbers showed, a 6.7% decline from a year earlier, and

continuing a downward trend it started in May 2023.

Including condensate, a very low-density, very low-viscosity

liquid hydrocarbon that usually comes to the surface with

natural gas, Pemex produced 1.78 million bpd in April, a 6.3%

decline from a year earlier.

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