Record-Low Crude Imports From Mexico
Production losses and export cuts send U.S. crude imports from Mexico to all-time lows last week.
Mobius Intel Brief:
Pemex’s production losses and export cuts have reduced U.S. crude imports from Mexico to all-time lows, reaching an average of 184 kbpd in the week ending May 17. U.S. imports from Mexico this month are more than 30% below the 2023 average. Which countries are capturing U.S. market share in Mexico’s wake?
Record-Low Crude Imports from Mexico
U.S. crude imports from Mexico have declined from a 2023 average of 718 kbpd to an all-time low weekly average of 184 kbpd in the week ending May 17.
While Pemex’s new Dos Bocas refinery is expected to curtail exportable volumes of heavy Maya crude, President AMLO’s flagship 340,000 bpd refinery has suffered multiple startup complications that have delayed the timeline to reach operational capacity to 2025.
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