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State-owned Pemex increases crude oil exports to the United States and cuts shipments to Europe and Asia – AméricaEconomía

The Mexican state-owned Pemex substantially increased its crude oil exports to the North American market in May, according to the company’s most recent report, which shows a significant cut in shipments to Europe and Asia.

Pemex reported that its crude exports in May, which averaged 965,000 barrels per day (bpd), 740,000 bpd went to “America” ​​- which is mainly the United States – compared to 594,000 bpd in April, out of a total of 1.02 million bpd.

Meanwhile, exports to Europe fell to 32,000 bpd in May from 100,000 bpd in April. Shipments to the Far East fell to 192,000 bpd from 330,000 bpd in April. Pemex, when it publishes the figures, does not give explanations about the variations in volumes or destinations.

Refiners in the United States imported the largest volume of heavy crude in nearly two years in May, according to customs data, a solution to replace Russian oil sanctioned by the administration of President Joe Biden this year and boost production of motor fuels.

Rising heavy crude imports are common in the summer months, but this year’s surge comes as Washington is asking refiners to ramp up output and cut profit margins to ease rising prices. of gasoline.

The Biden administration in March banned imports of Russian crude and refined products following its invasion of Ukraine, setting an April 22 deadline for purchases. Treasury Secretary Janet Yellen urged companies to adopt “friends support” supply networks or buy from trusted countries.

Meanwhile, Pemex, which produced an average of 1.67 million bpd of crude in May – marginally above April – has exported an average of 930,000 bpd of crude in the first five months of the year.

The Government and the state-owned company announced in December that this year they would drastically reduce oil exports to cease them in 2023 within the framework of a plan to process crude oil locally and produce the necessary gasoline and diesel, as part of the “energy sovereignty” sought by the President.

However, the country decided to take advantage of the high international prices of crude oil due to the war in Ukraine, which has allowed the Government to cover the subsidies for gasoline prices and Pemex to face its huge debt repayments.

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