SEATTLE (Oil Monster): Pemex, the state-owned petroleum company in Mexico, reported a steep drop in crude oil exports in August of this year. In August, the company exported 500,203 barrels per day of crude oil, a 32% decrease from the previous year. According to corporate data, local refineries' increased processing was the primary cause of the decline in exports.
Data shows that in August, Pemex's seven domestic refineries processed little more than 1.05 MMbpd. This represents a modest increase over the previous month. Additionally, 1.64 MMbpd of crude oil and condensate were produced, which was lower than the same month the previous year but more or less constant as the preceding month.
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By 2026, the shipments are expected to drop to roughly 487,900 barrels per day. It is predicted to drop to 393,100 bpd over the following ten years.
The Mexican government wants to increase crude oil production to 1.8 million barrels per day.
In August, petroleum product imports fell 19% month over month to 457,849 bpd. The imports were a steep 38% decrease from the previous year.
Pemex's own petroleum product production, meanwhile, increased slightly by 4% year over year to 1.07 MMbpd.
