Home Headlines Mexico hits record low in oil exports in January

Mexico hits record low in oil exports in January

by sanmigueltimes
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Petróleos Mexicanos (PEMEX), is not taking advantage of the ‘boom’ that oil prices are experiencing due to the conflict between Russia and Ukraine.

(MEXICO – PEMEX).- Petróleos Mexicanos (Pemex) reported that it exported 832 thousand barrels of crude oil per day during January, which represented its lowest level since records exist, that is, since 1994.

In this way, oil sales registered a decrease of 15 percent compared to January 2021.

Pemex’s monthly report also revealed that 1.9 billion US dollars were obtained from crude oil exports in January, its lowest level since April 2021.

Despite lower sales abroad, Mexican exports benefited from an average crude oil export price of 75.74 dollars per barrel

By presidential instruction, Pemex plans to stop exporting crude oil as of 2023, with the main objective of achieving energy sovereignty.

However, Carlos López Jones, director of the Tendencias consulting firm, considered that the decrease in oil exports is not due to this plan, but to the inefficiency that Pemex has registered in recent years.

“There is no way that Mexico will stop exporting crude oil in 2023, that is just a story. The country is exporting less for not having carried out strategic alliances three years ago or having continued with the oil auctions”, he assured.

He added that currently the facts show that Pemex’s plan to concentrate on mature wells has failed completely, instead of allying with private companies in deep waters.

The war conflicts between Russia and Ukraine have caused the international price of oil to register an upward trend , so that the oil producing countries can sell their most expensive product.

Even Rocío Nahle, Secretary of Energy, published a tweet in which she highlighted that the Mexican export mix reached a price of 90.52 dollars per barrel.

On the other hand, Pemex reported that during the first month of the year one million 705 thousand barrels of crude oil were produced per day , which represented an annual increase of 3.3 percent.

Source: Bloomberg

San Miguel Times

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