Reuters: Pemex seeks to diversify crude sales in wake of US tariffs

State lipid institution Pemex is seeking to further diversify its crude income successful airy of the United States’ determination to enforce 25% tariffs connected each imports from Mexico, according to the Reuters quality agency.

Citing accusation from an unnamed elder Mexican authorities official, Reuters reported connected Thursday that Pemex is successful talks with imaginable buyers successful Asia, including China, and Europe.

Recent drone attacks connected Russia’s lipid infrastructure person squeezed disposable supplies for Asia successful 2025. In countries similar China and India, Russia has been a apical supplier of crude. (Bob63/Shutterstock)

The study — published earlier United States President Donald Trump announced connected Thursday greeting an astir one-month intermission connected tariffs connected imports from Mexico — comes a time aft President Claudia Sheinbaum said that Mexico volition question different commercialized partners if U.S. tariffs connected Mexican goods stay successful place.

The United States imposed 25% tariffs connected each imports from Mexico and astir imports from Canada connected Tuesday. The U.S. is taxing Canadian lipid astatine 10%, but Mexican crude is (or was) taxable to the afloat 25% levy.

Reuters reported that 57% of the 806,000 barrels per time (bpd) of crude Pemex exported past twelvemonth went to the United States.

It noted that Pemex exports immoderate crude to Europe and Asia, peculiarly India and South Korea, but highlighted that “the lion’s share” of the authorities lipid company’s flagship dense sour Maya lipid goes to the United States.

The authorities authoritative who spoke to Reuters connected the information of anonymity said “the bully happening is that there’s appetite for Mexican crude successful Europe, successful India, successful Asia.”

“There’s request for dense crude and Pemex crude,” the root said.

Mexican ports similar Manzanillo successful Colima, seen here, and Salina Cruz successful Oaxaca could beryllium exporting a batch much Pemex crude to Asia successful the adjacent future. (JRomero04/Shutterstock)

The authoritative said that imaginable Chinese buyers were “very interested” successful purchasing Mexican crude successful archetypal talks with Pemex.

“Demand volition determine however these flows are redirected,” the root said.

The authoritative said that Pemex would not springiness a discount to United States clients successful an effort to clasp them portion its lipid exports to the U.S. are taxed astatine 25%, arsenic could erstwhile again beryllium the lawsuit starting successful aboriginal April. The root said that Pemex buyers successful the U.S. haven’t discussed terminating their contracts.

Two different sources astatine Pemex’s trading limb PMI Comercio Internacional told Reuters that China, India, South Korea and adjacent Japan would beryllium suitable markets for Mexican crude successful airy of the United States tariffs connected Mexican goods. Their appraisal took into relationship higher shipping costs to get Mexican lipid to Asia.

One of the PMI sources told Reuters that “only Asia” could instrumentality the measurement of lipid not sent to the United States. That appraisal took into information the capableness of refineries to process the circumstantial benignant of crude exported by Pemex.

The 2 PMI sources besides said that Pemex doesn’t person immoderate plans to discount crude to marque exports much competitive.

Whether the United States’ tariffs connected imports from Mexico volition erstwhile again instrumentality effect successful April is unclear. Trump announced Thursday greeting that “Mexico volition not beryllium required to wage Tariffs connected thing that falls nether the USMCA Agreement” until April 2.

The announcement came aft Trump spoke to President Claudia Sheinbaum.

Whether Pemex volition inactive question to merchantability much crude to buyers successful Asia and Europe wasn’t instantly clear.

White House Press Secretary Karoline Leavitt said Wednesday that Trump had decided to assistance a one-month tariff exemption to automakers importing vehicles from Mexico and Canada.

White House Press Secretary Karoline Leavitt. (File photo/Wikimedia Commons)

Mexico is aiming to go self-sufficient for fuel and consequently is keeping much crude successful the state to refine astatine Pemex refineries. However, output from Mexico’s older lipid fields, astir of which are successful the Gulf of Mexico, has declined to its lowest level successful much than 40 years, Reuters said.

In January, “exports slumped 44% year-on-year to 532,404 bpd, the lowest level successful decades,” the quality bureau reported.

Pemex is 1 of the world’s astir indebted lipid companies, with debt and liabilities successful excess of US $100 billion.

With reports from Reuters