Pemex Has Imported Exactly Zero Barrels of U.S. Crude Oil
- Producer has deferred purchases of light crude from U.S.
- Refinery woes, smaller profit margins said to stall plans
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Ten months after Mexico won special dispensation to import U.S. crude oil, it has yet to take in a single barrel.
Petroleos Mexicanos successfully petitioned the U.S. Commerce Department in October for permission to swap its own heavy oil for the lighter crude produced in shale formations. The effort was part of the state-owned oil company’s plan to increase fuel quality at its refineries, and came months before the government removed all prohibitions on U.S. oil exports.