Pemex crude oil exports rise in July while refinery output dips, data shows

MEXICO CITY, Aug 26 (Reuters) - Mexican state oil company Pemex reported a 31% rise in crude oil exports in July compared to the previous month, while refining output fell slightly during the same period, according to the latest company data seen by Reuters on Tuesday.

WHY IT'S IMPORTANT

Pemex's export volumes and refining output are closely watched as the government tries to reduce motor fuel imports and to prioritize domestic processing to achieve its goal of energy self-sufficiency.

BY THE NUMBERS

Exports reached 600,669 barrels per day (bpd) in July, up 31% from June, when exports hit a multi-year low, but were still 23% lower than the same month last year.

Pemex's seven domestic refineries processed 1.02 million bpd, down 7.6% month-on-month.

It pumped 1.6 million bpd, up 1.2% from June but down 7% from the previous year.

Total output of gasoline, diesel and fuel oil dropped 5% to 1.03 million bpd.

Pemex imported 566,102 bpd of petroleum products, a 10% increase from June yet 22% below July 2022 levels.

CONTEXT

In a 10-year plan unveiled this month, Pemex said that it aims to bring crude oil exports down to 487,900 bpd by next year and ultimately to 393,100 bpd by 2035, focusing on refining locally to meet local demand, despite fields being rapidly depleted and with no major new discoveries to make up for the shortfall.

The company has also committed to maintaining crude oil and condensate production at 1.8 million bpd through 2035. The highly-indebted company averaged 1.64 million bpd in the second quarter.