In recent months, PEMEX has increased its crude oil shipments to the Far East and Europe, while reducing those to the Americas. In May, crude oil exports to the Far East rose from an average of 98.1Mb/d in April to 220.3Mb/d, marking a 124.5% increase. Similarly, PEMEX boosted its exports to Europe from 99.3Mb/d to 196.4Mb/d during the same period, representing a 97.7% rise. In contrast, PEMEX sent 493.9Mb/d to the Americas, a 2% increase against April, making it the third lowest monthly total this year. Despite this changes, overall oil exports maintain a downward trend, in line with the current administration’s strategy.
In February, exports to the Americas had reached 612.4Mb/d. In April, PEMEX CEO, Octavio Romero, reported that the NOC exported a total of 484Mb/d to this region, 414Mb/d of which went to the United States, reflecting a 14.4% share, according to the US Energy Information Administration.
This shift is also evident on an annual basis. In May 2023, PEMEX shipped 188.7Mb/d to the Far East, increasing by 31Mb/d or 16.4% a year later. Meanwhile, exports to Europe rose by 51Mb/d or 35% from 145.7Mb/d in that same period. In terms of shipments to the Americas, there was a reduction of 258.4Mb/d, representing a 34.3% annual decline. Despite these changes, the American market continues to dominate PEMEX's foreign trade in crude oil sales. Currently, shipments to this region account for approximately 54% of the NOC’s total exports.
A big percentage of the oil exported to the Far East and Europe comes from light crude production. In 1Q24, the production of light crudes represented 47% of PEMEX's total production, marking a 9 percentage-point increase from the 38% share recorded in the same period of 2019. Specifically, 23% consisted of light crude, 9% of super light crude, and 15% of condensates, while the remaining 53% was heavy crude.
Destination shifts aside, oil exports are hitting a minimum. PEMEX shipped 681Mb/d of crude in April, marking its lowest exports volume of the past 34 years. PEMEX reported a reduction of 5.33Mb/d in one month. President Andrés Manuel López Obrador stated that to use the crude for national refining and kickstart the fuel transformation at the Olmeca refinery, less crude would be sold abroad.
Annual export volume dropped by 31% in the fourth month of the year, with an average export volume of 814Mb/d in 1Q24, which is 16% lower than the same period in 2023. Compared to the last year of the previous administration, the reduction in PEMEX's crude oil exports in the average of 1Q24 is already 34% lower. Compared to the volume sold a decade ago, exports have decreased 55%, resulting in a reduction of almost of 1MMb/d.