Crude exports from Mexico’s Pemex jump 11.4 in May

Crude oil exports from Mexican state-owned oil company Pemex rose 11.4 percent in May compared to the prior month, while output was largely unchanged, the company said on Thursday.

Pemex [PEMX.UL] data showed average crude oil exports rose to 1.204 million barrels per day (bpd) from 1.081 million in April.

Sales to the Far East – which includes Japan, China, India and South Korea – jumped 74 percent last month to 373,000 bpd, while sales in the Americas, mostly to the United States, dropped 11 percent to 593,000 bpd.

Pemex officials told Reuters that they had ramped up oil shipments to Asia, especially of light Isthmus crude, because of changes in blends processed by domestic refineries.

Crude oil production averaged 2.17 million bpd in May, roughly in line with figures from the prior month.

In response to slumping oil prices and mounting debt, Pemex has announced a series of budget cuts, most of which will hit its exploration and production budget. The company now expects output to average 2.13 million bpd this year, and fall even lower in 2017.

Output so far this year has averaged 2.21 million bpd.

(Reporting by Ana Isabel Martínez, writing by Anna Yukhananov; Editing by Cynthia Osterman)

Puerto Vallarta News

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