(Stratas, 20.May.2019) — Extending coverage to the annual analysis of crude oil fundamentals, Stratas Advisors‘ North American research team now offers the Mexico Crude Oil Outlook, a 10-year annual report that is part of its North American Oil online subscription service.
The North American Oil service integrates annual proprietary fundamental analysis with annual forecasts across the upstream, midstream and downstream sectors. It covers crude oil and refined product markets in the world and includes petroleum liquid fundamentals for Canada and the U.S. as well.
“As a result of little investments to Mexico’s oil and gas sector in the past, local production of crude oil — as well as refinery output — has been on a decline. Mexico currently has six refineries with a combined processing capacity of more than 1,500 Mbbl/d, but due to little upgrades to these refineries, they are all working way below their capacities. Using data from PEMEX, we show that 2018 was by far the worst year for Mexico in terms of production and refinery output,” said Garry Banda, senior midstream analyst.
The service also includes weekly, monthly and annual reports related to crude oil projects and infrastructure capacities, supply sources, demand outlooks and export opportunities.
“Despite production falling for a 13th straight year to average just above 1,830 Mbbl/d, Mexico’s refineries only managed to process about 609 Mbbl/d or about 33% of its 2018 production. The new government has proposed revamping the already existing refineries and constructing a new refinery in order to meet the country’s petroleum demand. The proposed project could improve the country’s refinery output, which in turn could reduce its dependence on importing of petroleum products to meet demand,” said Garry Banda, senior midstream analyst.