Pemex Oil Exports to US Rise in May

While crude exports to “America”—which accounts mainly for the U.S.—were up, Mexico’s state-owned Pemex reported a significant cut in shipments to Europe and Asia. 

Pemex Oil Exports to US Rise in May

Pemex oil exports to Asia and Europe in May reached 192,000 bbl/d and 32,000 bbl/d, down 42% and 68% respectively compared to the prior month.  (Source: Pemex gas station by Nelson Antoine / Shutterstock.com)

Mexico’s state-owned oil company Petroleos Mexicanos or Pemex reported a substantial sequential rise in crude oil exports to “America” in May amid a drastic reduction in similar exports to Asia and Europe.

“America” accounts mainly for the U.S., which represents Pemex’s largest export market in terms of volumes and dollar value. Despite constant nationalistic rhetoric from Mexico’s President Andrés Manuel López Obrador including calls to prioritize oil production for domestic use, the Latin American country continues to send the majority of its oil to North America, where it garners the most financial value.

Pemex’s total oil exports reached 964,000 bbl/d in May, down 6% compared to April. However, the company’s exports in May were up 4% compared to May 2021, according to its most recent monthly petroleum statistics report which segments shipments to America, Asia and Europe.

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Pietro Pitts

Pietro Donatello Pitts is a senior energy reporter for Hart Energy. He covers Latin America and the Caribbean as well as regions from North America to Europe, Africa and Asia. He covers topics spanning from the upstream, midstream and downstream sectors to the energy transition and geopolitical events impacting the global energy sector.