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
Tulum’s “Art With Me” Festival instantly becomes a world class event (FORBES.com)
Sunbathing on the beach in Tulum,.
Beautiful Costa Mujeres needs to be at the top of your travel bucket list
For many, a Mexican getaway consists.
Despite safety and security concerns, Cancun remains # 1 tourist destination in Latinamerica
Cancun maintained its position as the.
600 new police for Cancun, Playa del Carmen and Tulum Quintana Roo
According to riviera-maya-news.com, approximately 600 new.
Teen jogger who accidentally crossed U.S. border from Canada is detained for two weeks
A teenager out for a beachside.
Grand Finale of the 2018 Merida Initiative National Mock Trial Competition for Mexican Law Students
Mexico City, 21 June, 2018 –.
Three time NBA Champion Klay Thompson charters plane to Mexico full of IG models
Three-time champion Klay Thompson is in.
Mexico’s soccer national team mental coach is transforming mindsets nationwide
Though the spotlight is always on.
Maya sacred book “Chilam Balam Tekax” astrological predictions analyzed by INAH experts
The first specialized integral study of.
Prisma Hotel Group announces investment of 357 million for remodeling hotels nationwide
With the objective of always providing.