MEXICO CITY/HOUSTON, April 10 (Reuters) - U.S. weekly
imports of Mexican crude oil fell to the lowest on record in the
early April, as Mexico's state energy company Pemex cut exports
to supply more to its domestic refineries.
The imports dropped to 209,000 barrels per day (bpd) in the
week ended April 5, data from the U.S. Energy Information
Administration (EIA) showed on Wednesday.
The imports averaged about 733,000 bpd in 2023. The previous
weekly low was 226,000 bpd in the last week of 2021.
Reuters reported last week that Pemex requested its trading
unit to cancel up to 436,000 bpd of crude exports for April and
at least 330,000 bpd for May to retain supplies for its own
refineries, including the newest, the Dos Bocas refinery.
The Dos Bocas refinery in the southeastern state of Tabasco,
which has been running behind schedule and over budget, is part
of President Andres Manuel Lopez Obrador's strategy to wean the
country off expensive gasoline and diesel imports.
Pemex last month disclosed its crude production in February
had fallen to the lowest level in 45 years.
The cancellations in April include a 122,000 bpd reduction
of Mexico's flagship Maya crude, prized by Gulf Coast refiners
that typically run medium and heavy oil.
A trader with direct knowledge of the matter said that while
operational issues typically lead to significant variations in
exports, the low export levels in April and May are likely to
continue over the coming months, meaning U.S. refiners and
traders will have to buy more barrels from the domestic market
to compensate.
U.S. refiners will also look for similar quality crude from
Canada or Venezuela, two sources familiar with the market
dynamics said.
To offset the shortage, the U.S. imported 531,000 bpd of
crude oil from Saudi Arabia last week, the highest in seven
months. Total U.S. imports fell 184,000 bpd to 6.4 million bpd.
Prices for heavier crude along the U.S. Gulf Coast have
climbed in recent weeks, in part due to the fall in Mexican
exports.
Maya prices at the U.S. Gulf Coast climbed to about $77.80
per barrel on Tuesday, compared with about $70 per barrel in the
last year, according to pricing data supplier General Index.
Shippers are weighing repositioning tankers to serve other
markets as Maya exports decline, a shipping industry source
said.