Mexico’s Pemex aims to start importing light crude this year

Mexican state-owned oil company Pemex wants to launch light crude oil imports later this year, potentially reaching up to 70,000 barrels per day bpd and aimed at boosting refinery output, the head of its commercial arm said.The imports would mark an abrupt shift from a decades-old devotion to crude oil self-sufficiency in Mexico, long a major exporter to the United States. It also comes after a sweeping energy sector overhaul which seeks to reverse many years of declining output and export volumes.”Our objective is that crude imports will begin this year,” said Jose Manuel Carrera, chief executive officer of PMI Comercio Internacional, Pemex’s oil trading arm.His comments are the strongest signals to date on both the timing and potential volumes of light crude imports to Mexico.Carrera said light crude imports could range between 35,000 bpd and 70,000 bpd, or around 5 to 10 percent of the crude oil each of Mexico’s six domestic refineries process.

via Mexico's Pemex aims to start importing light crude this year | Reuters.

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