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Pemex Plans to Export Less Crude in 2022

  • Mexico to cut overseas sales by up to 300,000 barrels a day
  • Asian refineries are seen bearing the brunt of the export cuts

Petroleos Mexicanos is said to be planning to trim its crude oil exports next year as it cranks up domestic fuelmaking to supply an economy bouncing back from the pandemic.

Pemex refineries in Mexico, which have been operating at less than 50% of capacity for seven straight months, plan to process an additional 200,000 to 300,000 barrels of crude a day starting in January, people with knowledge of the situation said.