Data shows that Pemex crude exports rose in July, while refinery production dropped.

According to the most recent data from the company, Pemex, the Mexican state oil company, reported that crude oil exports rose by 31% in July, compared to last month. However, the company's refining production fell slightly in the same time period.

Why it's important

Pemex exports and refinery output are closely monitored as the government attempts to reduce motor oil imports and prioritize domestic processing in order to achieve energy independence.

By the Numbers

Exports in July reached 600,669 barrels a day (bpd), up 31% compared to June when they hit a multiyear low. However, this was still 23% less than the same period last year.

Pemex’s seven domestic refineries produced 1.02 million barrels per day, a 7.6% decrease month-on-month.

The pumping rate was 1.6 million bpd. This is up 1.2% compared to June, but down 7% compared to the previous year.

The total output of gasoline and diesel fuel oil fell 5% to 1,03 million bpd.

Pemex imported petroleum products at a rate of 566,102 barrels per day (bpd), a 10% rise from June but 22% less than the levels in July 2022.

CONTEXT

Pemex's 10-year plan, unveiled earlier this month, stated that the company aims to reduce crude oil exports to 487.900 bpd next year, and to 393,100 by 2035. The company will focus on refining locally in order to meet local demands, despite rapidly depleting fields and no new discoveries.

The company also pledged to maintain crude oil and condensate output at 1.8 millions bpd until 2035. The company's second quarter production average was 1.64 million barrels per day. (Reporting and editing by Nick Zieminski, Ana Isabel Martinez)

(source: Reuters)