Pemex’S U.S. Oil Exports Hit 35-Year Low In 2024

(MENAFN- The Rio Times) Pemex, Mexico's state oil company, faces a stark reality. Its crude oil exports to the United States have hit a 35-year low. Between January and November 2024, Pemex shipped only 464,811 barrels per day to the US, a 35.4% drop from 2023.

This decline marks a significant shift in Mexico's oil industry . The US, once the dominant buyer of Mexican crude, now accounts for just 57.6% of Pemex's exports, down from 69.7% in 2023 and 73.1% a decade ago.

Pemex has diversified its export destinations. Europe and the Far East now receive 42.4% of Mexican crude exports, up from 30.3% in 2023. European exports, mainly to Spain and Portugal, rose 28% to 173,623 barrels per day.



The Far East has become a key market for Pemex . November 2024 saw exports to this region surge 64% to 260,425 barrels per day. Pemex has established contracts with major Asian refiners since 2015, including Japan's JX Nippon Oil & Energy Corporation and China's Sinopec.

Despite plans to reduce exports and focus on domestic refining, Pemex's overall crude exports increased in November 2024. The company shipped 950,719 barrels per day, up 14.4% from October and 7.7% year-over-year.
Pemex's US Oil Exports Hit 35-Year Low in 2024
This export growth contradicts the government's goal of "energy sovereignty." From January to November 2024, Pemex exported an average of 806,399 barrels per day, far from the promised reduction in foreign sales.

Pemex earned $1.856 billion from crude exports in November 2024, an 8.45% monthly increase despite lower oil prices. However, total export revenues for the first 11 months of 2024 fell 22% to $19.136 billion.

This shift in Pemex's export patterns reflects changing global energy dynamics and challenges in Mexico's domestic refining sector. It raises questions about the future of Mexico's oil industry and its role in the global market.

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