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Mexico Shuns International Oil Markets to Produce More Gasoline at Home

  • Pemex to reduce crude exports next year to 435,000 barrels/day
  • State company’s oil refineries operating well below capacity
Octavio Romero, chief executive officer of Petroleos Mexicanos, speaks during an interview in Villahermosa, Tabasco state, Mexico, in 2019.

Octavio Romero, chief executive officer of Petroleos Mexicanos, speaks during an interview in Villahermosa, Tabasco state, Mexico, in 2019.

Source: Bloomberg
Updated on

Mexico plans to halt crude oil exports in 2023 as part of President Andres Manuel Lopez Obrador’s nationalist goal of self-sufficiency in fuel production.

Petroleos Mexicanos, the Mexican state-owned producer known as Pemex, will reduce daily crude exports next year by more than half to 435,000 barrels before phasing out sales to foreign customers the following year, Chief Executive Officer Octavio Romero said during a press conference in Mexico City on Tuesday.