Sources of the commercial arm of Pemex revealed that the company is studying the possibility to buy up to 100,000 oil barrels per day, given the low prices in the market, to cover the country’s domestic requirements and maintain the current export levels.
The persistent decline in oil production could accelerate Mexico’s government decision to import crude for the first time.
Sources of PMI Comercio Internacional, the commercial arm of Petróleos Mexicanos (Pemex), revealed that the company is studying the possibility to buy up to 100,000 oil barrels per day, given the low prices in the market, to cover the country’s domestic requirements and maintain the current export levels.
“We could import oil temporarily while the energy reform starts to produce steady increases in oil and gas production,” said the executives, who requested to remain anonymous.
According to the exploration and production division of Pemex (PEP), the main oil wells have stopped producing over 140,000 barrels per day, affecting the performance of the National Refining System composed of six refineries: Tula, Salamanca, Salina Cruz, Cadereyta, Madero and Minatitlán, that jointly process 1.54 million barrels a day.
“Without enough oil, these refineries are being underutilized,” the sources explained.
Mexico’s refining system is receiving 461,000 barrels of crude oil below its total processing capacity, which has led to a 13.1% drop in the production of Magna gasoline, 11% in fueloil, 14.5% in diesel and 6.3% in jet fuel.
The sources explained that it would be counterproductive to reduce exports and use that oil for refining.
“It is not easy because Mexico’s contracts with foreign clients can be indefinite (evergreen) or long-term.”
more recommended stories
Yucatecan art students can apply for scholarships
Merida, Yucatan, February 15, 2018. –.
Ferry explosion in Playa del Carmen leaves 18 injured
On Wednesday February 21, there was.
The Yucatan Peninsula finally integrated into the National Gas Pipeline System
San Francisco de Campeche, Campeche.- During.
How much waste does a Mexican generate in average?
The accumulation of solid urban waste.
Nestora Salgado, from convicted kidnapper to Senate Candidate
When Mexican leftist presidential candidate Andrés.
Yucatán, at the forefront of technological education
“Yucatan is at the forefront of.
INAH publishes new Museum of Underwater Archaeology catalog
Hand in hand with the recent.
One thousand heavily damaged buildings in Oaxaca after Feb. 16 earthquake
After walking the streets of the.
Homun residents oppose the opening of pig farm in their municipality
“The Ka’anan Ts’onot organization (Guardians of.
New prison facility to be built in Quintana Roo
The State Secretary of Public Safety,.