U.S. Imports of Mexican Crude Oil Fall to Lowest on Record, EIA Says

U.S. weekly imports of Mexican crude oil fell to the lowest on record in the early April, as Mexico’s state energy company Pemex cut exports to supply more oil to its domestic refineries.

The imports dropped to 209,000 barrels per day (bpd) in the week ended April 5, data from the U.S. Energy Information Administration (EIA) showed on Wednesday.

The imports averaged about 733,000 bpd in 2023. The previous low was 226,000 bpd in the week in the last week of 2021.

Reuters revealed last week that Pemex requested its trading unit to cancel up to 436,000 bpd of crude exports for April and at least 330,000 bpd for May to retain supplies for its own refineries, including the newest, the Dos Bocas refinery.

The Dos Bocas refinery in the southeastern state of Tabasco, which has been running behind schedule and over budget, is part of President Andres Manuel Lopez Obrador’s strategy to wean the country off expensive gasoline and diesel imports.

Pemex last month disclosed its crude oil production in February had fallen to its lowest level in 45 years.

The cancellations in April includes a 122,000 bpd reduction of Mexico’s flagship Maya crude, prized by Gulf Coast refiners that typically run medium and heavy oil.