Pemex, Mexico’s state energy company, said this week it will cut at least 330,000 barrels per day of crude oil exports in May. Reuters said that will leave customers in U.S., Europe and Asia with a third less supply from Mexico. This follows the withdrawal of 436,000 b/d of Maya, Isthmus and Olmeca crudes in April “because it needs to supply more of its domestic refineries as it targets self-sufficiency.”
Reuters said Pemex has no option other than applying monthly cuts to exports after its crude production in February fell to the lowest level in 45 years and the country’s refineries, including a new facility in the port of Dos Bocas, began taking in more crude oil.