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Mexico’s oil exports contract 30.2% in October

Mexico’s oil exports totaled 1.284 billion dollars in October, a decrease of 30.2% year-on-year, Inegi reported this Friday.

In contrast, non-oil exports totaled $ 40.66 billion, an increase of 4.5 percent.

During October 2020, the value of oil exports was made up of 1,034 million dollars of crude oil sales and 250 million dollars of exports of other petroleum products.

In that month, the average price of the Mexican crude oil export mix stood at 36.75 dollars per barrel, a figure 1.31 dollars lower than the previous month and 13.85 dollars compared to October 2019.

Regarding the volume of crude oil exported, it stood at 0.908 million barrels per day in the reference month, a level lower than the 1.023 million barrels per day in September and the 0.963 million barrels per day in October last year.

Oil exports

The Hydrocarbons Law and the Hydrocarbons Revenue Law regulate activities ranging from exploration, extraction, and refining to the distribution, storage, sale, and marketing of hydrocarbons (including oil exports) and allow Mexican and non-Mexican investors to participate in the bidding process for oil and gas exploration, production and transportation.

These laws allow the government to assign oil and gas exploration and extraction activities to private oil and gas companies, in addition to Pemex, which was reorganized into a productive state entity through the constitutional energy reform approved in 2013.

Pemex continues to be the largest player in the industry.

From January 1, 2016, private companies can own gasoline and diesel service stations that do not have to be a Pemex franchise. Private companies can now also import gasoline and diesel.

Oil exports represent one of the main revenues of the federal government of Mexico.

 

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