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
Mexican model Vanessa Ponce de Leon wins Miss World 2018 beauty contest
A Mexican model and volunteer was.
Christmastime in Mexico is full of traditions
To say that Mexico is a.
Puerto Vallarta Wins 2018 Gay Cities ‘Fun in the Sun’ Award
Puerto Vallarta, Mexico – The warmth Puerto.
Battle between the US & Mexico over the US Dolphin Safe label comes to an end
More than a decade since Mexico.
Mexico will host international Solar Power Fair in 2019
Mexico will host one of the.
Fentanyl lab busted in Mexico City
The Attorney General’s Office (PGR) has.
Man faces 30 years in prison for stabbing his wife in Merida
Erick. G.L was arrested for the.
2018: the year the migration crisis swept the Americas and reached the doorstep of the U.S
Mexico City (AFP) – From the.
Photographs of dogs waiting for homeless owner outside hospital go viral
The scene took place in a.
Natgas shortage in Yucatán to continue – business leaders
According to bnamericas.com, Mexico’s Yucatán peninsula.