Oil Export Cuts Seek to Boost Gasoline Production

President Andrés Manuel López Obrador announced that gasoline production in Mexico has increased while oil exports decrease. In his morning press conference, president López Obrador highlighted that despite a slight rise in the price of the oil mix, the country is utilizing more crude oil in its refineries to produce fuels locally rather than purchasing them from abroad. However, imports still show increases while production remains lacking. 

At the end of May, PEMEX was importing an average of 358Mb/d of gasoline, including methyl tert-butyl ether (MTBE), which is a 10% increase from the previous month but 10.3% less than the same month the previous year. Diesel imports averaged 156Mb/d, showing increases of 18.2% compared to the previous month and 9.7% year-on-year.

In terms of production, PEMEX reported an average of 267Mb/d of gasoline at the end of May, a 10% decrease compared to April but an annual increase of 2%. Diesel production, however, fell by 23.6% month-on-month and 4.5% year-on-year, closing at 144Mb/d. 

According to PEMEX data, imports account for 55% of the gasoline supply and 52% of diesel in the country. This focus on national fuel production is part of the government's strategy to strengthen energy self-sufficiency and reduce reliance on imports.