Mexico’s state energy company, Pemex, is set to slash at least 330,000 barrels per day (bpd) of crude oil exports in May, affecting customers in the United States, Europe, and Asia.
This decision comes as Pemex aims to prioritize supplying more crude oil to its domestic refineries in a bid for energy self-sufficiency. The reduction follows a previous cut of 436,000 bpd this month, with plans to continue monthly export cuts due to declining crude production and increased demand from domestic facilities like the Dos Bocas refinery.
The recent fire at an offshore platform in the Gulf of Mexico has also impacted production levels, further complicating the export situation.
Mexico to Reduce Crude Oil Exports by 330,000 bpd in May, Impacting Global Markets