Mexico exports 39% less crude oil in June, lowest level in decades

By Ana Isabel Martinez

MEXICO CITY, July 29 (Reuters) - Mexican state company Pemex exported 39% less crude oil year-over-year in June, reaching the lowest level in decades, official data showed, as processing at local refineries and fuel production increased significantly.

It exported 458,103 barrels per day (bpd) in June, compared to 753,539 bpd in the same month a year earlier, company data updated late on Monday showed.

This was the lowest level since records started in 1990.

In May, Pemex's international trading arm, PMI, forecast that the company would export less this year because more would be sent to local refineries, including to its new Olmeca refinery in the port of Dos Bocas.

Pemex gave no explanation for the decline. However, in its quarterly earnings report on Monday it said it imported less gasoline and diesel because more was being refined locally.

In June, it imported 475,047 bpd of refined products, a 38% year-over-year decrease.

Pemex, which owes about $120 billion to both investors and suppliers, has also struggled with a sharp decline in production.

Its seven local refineries processed 1.12 million bpd, helped by the new Olmeca refinery, which took in 191,585 bpd.

In recent years, the Mexican government has sought to achieve what it calls "energy sovereignty" by drastically reducing exports of crude oil and refining it locally.

Pemex executives reiterated to investors after the quarterly earnings report that the company was working towards achieving its production goal of 1.8 million bpd.

Mexico is still far from reaching this goal. Production of crude oil and condensate has been declining, hovering around 1.6 million bpd.

The government and Pemex executives have said that production will rebound with the help of partnerships with private companies, but have not shared details.