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Mexico’s oil exports exceed pre-Covid-19 level

Mexico‘s oil exports grew 63.2% from January to September 2021, year on year, to 20,572.4 million dollars, Inegi reported.

In this way, these external sales exceeded pre-Covid-19 levels, since from January to September 2019 they totaled 20,021.9 million dollars.

Mexico is one of the largest oil producers in the world (1.9 million barrels produced daily in 2020) and the fourth largest in the Americas after the United States, Canada and Brazil.

Last year, Mexico ranked 13th in the world in crude oil production, 21st in crude reserves, 16th in refined capacity and 5th in logistics infrastructure.

Before, as another point of comparison, from January to September 2020, Mexico’s foreign oil sales were estimated at 12,621.4 million dollars.

Another way of looking at this: considering the periods of the first three quarters of each year, Mexican oil exports registered a fall of 14.6% in 2019 and another decrease of 14.4% in 2020, to then climb 63.2% in 2021, at annual rates .

Oil exports

In addition to crude oil and natural gas, Pemex markets a full range of refined products in Mexico, including liquefied petroleum gas, gasoline, jet fuel, diesel, fuel oil, asphalt, lubricants, and petrochemicals.

Pemex is one of the few major crude oil producers in the world that experiences significant domestic demand for its refined products.

Disaggregated: thus, in September 2021 the value of oil exports was $ 2.43 billion. This amount was made up of 1,974 million dollars of crude oil sales and 464 million dollars of exports of other petroleum products.

In that month, the average price of the Mexican crude oil export mix stood at 66.93 dollars per barrel, a figure 2.55 dollars higher than the previous month and 28.64 dollars compared to September 2020.

Regarding the volume of crude oil exported, it stood at 0.983 million barrels per day in the reference month, a level lower than the 1.099 million barrels per day in August and the 1.023 million barrels per day in September last year.

 

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