Mexico’s November fuel supply rose by 6% from October to 909,900 b/d as increased output from state-owned oil company Pemex more than offset a drop in imports, according to an OPIS review of government customs data.
Pemex’s six older domestic refineries’ production of gasoline, diesel, and jet fuel in November averaged 399,200 b/d, up some 30% from October’s 305,400 b/d.
It was, however, 21.2% below November 2022.
At the same time, the customs data showed Mexican imports of transportation fuel averaged 510,700 b/d in November, down 7.6% from October and 12.4% from the same month of 2022.
Pemex imported 262,900 b/d of fuel in November, down 16.7% from October and 19% year to year.
The company’s domestic refining operations accounted for nearly 44% of Mexico’s total fuel supply in November and its imports accounted for nearly 29% of total fuel supply.
November volumes for three of Mexico’s three largest private fuel importers –Valero Energy, ExxonMobil and Marathon Petroleum–rose by 9.2%, 1.2% and 6.7%, respectively from October.
Koch Industries’ November imports, however, fell 4.3% from October. They were, however, up nearly 46% year to year.
That left Valero Energy, ExxonMobil, Koch Industries, and Marathon Petroleum’s shares of Mexico’s fuel supply in November at 11%, 9.8% 3.1%, and 1.9%, respectively.
Pemex’s November share of the country’s fuel market was almost unchanged from October at 72%.
Pemex Chief Executive Octavio Romero Oropeza last week said the company’s share of the fuel supply market rose to 82% last year and is expected to increase to 84% this year.
Of Mexico’s fuel imports in November, nearly 65% or 330,900 b/d were moved by ship, the census data showed.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
–Reporting by Karla Omaña, [email protected]; Editing by Jeff Barber, [email protected]
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