Pemex Sees Plunge in Oil Exports While Supplying AMLO’s Refinery
- Shipments of Maya heavy crude forecast to decline almost 70%
- AMLO has said that Mexico will supply its oil to new refinery
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Petroleos Mexicanos expects a drastic drop in oil exports over the next three years as the company faces the twin challenges of declining output and supplying crude to a controversial new $8 billion refinery championed by the country’s President Andres Manuel Lopez Obrador.
Pemex, as the state oil company is also called, is forecasting a reduction of almost 70% in exports of its flagship heavy crude known as Maya between 2021 and 2023, according to two people familiar with the situation. It expects to cut Maya exports by almost half between next year and 2022 and lower them again between 2022 and 2023, said the people, who asked not to be identified because the information hasn’t been made public.