Pemex Achieves Highest Monthly Crude Exports in Almost a Year
State-controlled oil company Pemex of Mexico has reported its highest monthly crude exports since July 2022, signaling positive growth for the country’s oil industry. The company exported a total of US $2.6 billion worth of crude oil in August, a 10% increase from the previous month’s value of US $2.3 billion.
The notable surge in exports can be attributed to the rise in international prices for crude oil. In August, the average export price reached its highest level since November of the previous year, standing at US $76.10 per barrel. This represents a 7.5% increase compared to the US $70.77 per barrel reported in July.
Moreover, Pemex witnessed a 2.2% growth in the volume of crude exports, reaching 1.76 million barrels per day (bpd) in August, up from 1.52 million bpd in July. Geographically, 72% of the exports went to the Americas, while 13% were allocated to Europe, with the remaining percentage distributed to other continents.
Despite ongoing efforts by President López Obrador to enhance Pemex’s productivity, the company’s total crude production displayed a slight monthly increase of 1.8%, producing 1.6 million bpd. Nevertheless, this figure remains 5.2% lower than August 2022 and falls short of production levels recorded in April, May, and June of this year.
It is worth noting that Pemex has faced challenges in recent months, including a fatal fire on an offshore platform and a leak at a major export terminal in July. Despite these setbacks, the company’s overall hydrocarbon production experienced a yearly increase of 5.6% in August, totaling 1.88 million bpd. This growth is primarily attributed to the heightened production of condensates, a lower-density type of oil. Although Pemex’s condensate production in August reached its lowest point this year at 277,000 bpd, it still remained 214% higher than the same period last year.
Following the release of these figures, Pemex announced that its exports of oil, natural gas, and petrochemical products for the month of August amounted to US $2.88 billion. Meanwhile, imports totaled US $2.71 billion, leading to a trade surplus of US $171 million.
Mexico’s overall exports also performed well in August, with a 3.8% year-on-year increase, according to the national statistics agency (INEGI). This positive trend further bolsters the country’s economic outlook.
Overall, Pemex’s achievement of the highest monthly crude exports in almost a year reflects a positive trajectory for Mexico’s oil industry. Despite the ongoing challenges faced by the company, increased international oil prices and a boost in production have contributed to this significant milestone. As Mexico continues to prioritize the growth and development of its energy sector, it remains poised to make further strides in the global oil market.
