(Reuters, 29.Mar.2022) — Petroleos Mexicanos (Pemex) said it exported 925,000 barrels of crude per day (bpd) on average in February, up 11.2% from the previous month, as international oil prices surged and domestic refining capacity at the state oil company stayed below target.
In late December, Pemex said it planned to more than halve exports to 435,000 bpd in 2022 compared with last year, and to reduce shipments to zero in 2023, as part of a government plan to make the country self-sufficient in fuels such as gasoline.
In January, the company exported 832,000 bpd, but this was due to weather conditions and not Pemex’s drive to refine more crude and slash exports, a source said.
Pemex has not formally announced a change of plan, but officials familiar with the matter said exports would likely remain close to 1 million bpd through much of 2022 as prices have leapt due to the conflict in Ukraine.
Company sources say Pemex faces a challenge meeting its target of raising refining output in the last months of the year to around 1 million bpd, well above the current 720,000 bpd.
Crude exports in February were 8% lower than in the same month of 2021, when they averaged 1.02 million bpd.
Pemex also reported that oil production in February slipped to 1.66 million bpd from 1.68 million bpd in January.
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Report by Ana Isabel Martinez; Writing by Valentine Hilaire Editing by Tomasz Janowski
