Mexico's Pemex crude oil exports in August fall 32% year-on-year
Mexican state company Pemex exported 500,203 bpd of crude oil in August, a 32% drop year-on-year, as its local refineries processed slightly more, company data released late on Thursday showed.
Pemex has been trying to squeeze more barrels from several rapidly declining fields, especially those in the Gulf of Mexico, but its operations are constrained by budget constraints and mounting debts.
By next year, exports are forecast to drop to about 487,900 bpd, and over the next decade to about 393,100 bpd.
Pemex's seven local refineries processed just over 1.05 MMbpd in August, up from the previous month, the numbers showed. Crude oil and condensate production in August was 1.64 MMbpd, similar to previous months, but lower than the same month last year.
The government of President Claudia Sheinbaum has said it wants to lift crude oil production, which is dominated by Pemex, to reach 1.8 MMbpd.
While Mexico is one of the world's largest producers, the country imports refined products because Pemex refineries struggle to efficiently process the heavy sour Maya grade the state company mostly pumps.
Imports of petroleum products, including gasoline and diesel, fell 19% in August compared with the previous month, and 38% year-on-year, to 457,849 bpd.
Pemex's own production of petroleum products that same month was 1.07 MMbpd, up 4% year-on-year, but slightly lower than the 1.09 MMbpd produced in July.
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