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Pemex keeps crude flowing as domestic distillate demand remains depressed

Coronavirus 428 Energy - Conventional 384 Energy - Crude Oil 264 Energy - Refined Oil 185 European Union 658 Mexico 730 U.S. 4625

Mexico’s state oil company, Pemex, plans to slash its crude oil exports by 70% by 2023 in order to preserve supplies for the Dos Bocas refinery planned by the administration of President Andres Manuel Lopez Obrador. Mexican exports of crude oil had been in decline already with a 7.2% year over year slide in 2019 and a 4.5% drop in Q2. Yet, shipments rose by 12.4% in August compared to a year earlier including a surge in shipments to Europe. The new refinery will also cut Pemex’s imports of refined oil products, which have been in decline due to reduced demand during the COVID-19 pandemic...

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