Mexico's crude oil exports fell 39% in June to the lowest level since decades

Official data shows that Pemex, the Mexican state oil company, exported 39% less crude in June than in June of last year, reaching its lowest level for decades. This was due to increased fuel production and refinery processing.

The company reported that it exported 458,103 barrels of oil per day in June. This compares to 753,539 barrels a day in the same period a year ago.

This is the lowest level recorded since 1990.

PMI, Pemex’s international trading division, predicted in May that the company will export less this coming year as more products will be sent to local refineries including its new Olmeca refining plant at the port of Dos Bocas.

Pemex did not explain the decrease. In its quarterly earnings report, Pemex said that it imported less gasoline because it was refined locally.

In June, the country imported 475 047 bpd (billion pounds per day) of refined products. This is a decrease of 38% from last year.

Pemex has also suffered from a steep decline in production. The company owes approximately $120 billion both to investors and suppliers.

The new Olmeca refinery helped to process 191,585 barrels per day.

The Mexican government has been trying to achieve "energy sovereignty" in recent years by drastically reducing crude oil exports and refining the oil locally.

Pemex executives told investors that they were working to achieve their production goal of 1,8 million bpd.

Mexico is far from achieving this goal. The production of crude oil and its condensate is declining. It hovers around 1.6 millions bpd.

Pemex and the government have both said that partnerships with private firms will help to boost production, but they haven't provided any details. (Reporting and editing by Stefanie Eschenbacher; Ana Isabel Martinez)

(source: Reuters)