Pemex Crude Oil Export Revenue Surged in August

SEATTLE (Oil Monster): Mexico’s state-owned oil producer Pemex reported significant surge in oil export revenues during the month of August this year.

The company’s crude oil export revenues totalled $6.2 billion during the month, significantly higher by almost 10% when compared with $2.3 billion in the prior month. The monthly crude oil export revenues hit the highest level since July 2022. The surge in revenues were mainly on account of higher international crude oil prices. The average export prices hit the highest level since November 2022.

The volume of crude oil exports witnessed marginal increase from 1.52 million barrels per day (bpd) in July to 1.76 million bpd in August. The Americas emerged as the topmost export destination, receiving nearly 72% of the total Mexican exports. The second largest market was the Europe, which accounted for 13% share, followed by other continents, the Pemex press release said.

The total crude production recorded marginal increase by 1.8% month-on-month to total 1.6 million bpd in August 2023. However, the production stood lower by 5.2% when compared with the same month a year before. The production as impacted by a fire incident on one of its offshore platforms and a leak at its major export terminal.