Petroleos Mexicanos (Pemex) reported that its crude oil exports fell by 45% in August, reaching 27,573 barrels per day. This sharp decline in exports has occurred due to the company's increased focus on domestic refining activities.
Increase in Domestic Refining Capacity
Petroleos Mexicanos is working to expand its domestic refining operations. In August, the company processed 1.2 million barrels of oil per day at its six refineries, representing a 15% increase compared to last year. The Olmeca refinery, processing 252,471 barrels per day, has played a significant role in this increase, utilizing nearly three-quarters of its 340,000 barrel capacity.
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Decrease in Oil Production and Its Implications
However, total oil and condensate production also reached 1.64 million barrels per day in August, indicating a 2.2% decrease compared to July. This production decline has occurred amid rising global energy prices. Meanwhile, gasoline production increased by 5% to 439,346 barrels per day, and diesel production rose by 9% to 316,279 barrels per day. This increase in domestic production has allowed Petroleos Mexicanos to reduce gasoline and diesel imports by 24% and 26%, respectively.
Overall, the decrease in crude oil exports and the increase in domestic production are part of President Claudia Sheinbaum's initiative for the country's energy independence, aimed at reducing reliance on imports and increasing domestic fuel processing. This approach may lead to significant changes in Mexico's energy market and its economic policies.
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