Pemex Crude Oil Exports Decrease by 32%, Pressuring U.S. Refineries for Heavy Crude Supply

Mexico's state-owned oil company Pemex reported that its crude oil exports in August fell to an average of 500,203 barrels per day, a 32% decrease compared to the previous year. This decline is attributed to Mexico prioritizing domestic refining over overseas sales, increasing the supply pressure on U.S. Gulf Coast refineries for heavy crude. Exports in June were recorded at 458,103 barrels per day, marking a 39% drop and the lowest level since 1990. In its Q1 2026 report, Pemex stated that the crude processing capacity of the national refining system increased by 21.9% year-on-year to an average of 1,141,000 barrels per day. During the same period, petroleum product production also rose by 21.9% to 1,110,000 barrels per day. According to the U.S. Energy Information Administration (EIA), U.S. crude oil imports are expected to average 6.2 million barrels per day in 2025, with imports from Canada surpassing those from Mexico. However, Gulf Coast refineries recognize the importance of Mexican crude and have been investing to accommodate heavy and high-sulfur crude processing. S&P Global suggested that U.S. refiners may seek more Canadian heavy crude due to reduced volumes from Venezuela and Mexico. Mexico aims to expand its domestic refining, while U.S. refiners are in a position where they need to source heavy crude from a broader supply chain.

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