Mexico’s state-owned oil company Petroleos Mexicanos or Pemex reported a substantial sequential rise in crude oil exports to “America” in May amid a drastic reduction in similar exports to Asia and Europe.

“America” accounts mainly for the U.S., which represents Pemex’s largest export market in terms of volumes and dollar value. Despite constant nationalistic rhetoric from Mexico’s President Andrés Manuel López Obrador including calls to prioritize oil production for domestic use, the Latin American country continues to send the majority of its oil to North America, where it garners the most financial value.

Pemex’s total oil exports reached 964,000 bbl/d in May, down 6% compared to April. However, the company’s exports in May were up 4% compared to May 2021, according to its most recent monthly petroleum statistics report which segments shipments to America, Asia and Europe.

Oil exports to America were 740,000 bbl/d in May, up 25% sequentially compared to the prior month. This was up 32% compared to the same year-ago month, and represented 77% of total exports, according to Pemex. The last time Pemex reported oil exports this high to America was in May 2020 when the volumes reached 871,000 bbl/d. 

Oil exports to Asia and Europe reached 192,000 bbl/d and 32,000 bbl/d in May, down 42% and 68% respectively compared to the prior month. This represented 23% of total exports. Oil exports in the most recent month to these destinations fell 15% and 76% respectively compared to the same year-ago month.

Mexico’s total oil production, excluding condensates and NGL, from Pemex and partners averaged roughly 1.7 million bbl/d in May, flat compared to the prior month and same year-ago month.

Source: Pemex

Pemex Crude Oil Exports to America Rise
  May 2021 April 2022 May 2022 MoM % Change YoY % Change
Crude Oil Exports (Mbbl/d)
America 561 594 740 25% 32%
Europe 135 100 32 -68% -76%
Asia 227 330 192 -42% -15%
Total Oil Export Volumes 923 1,024 964 -6% 4%
           
Oil Prices (US$/bbl)
America $62.23 $99.56 $104.58 5% 68%
Europe $62.56 $99.58 $105.01 5% 68%
Asia $68.96 $101.47 $104.38 3% 51%
Average Oil Export Price $64.34 $101.18 $104.56 3% 63%
           
Oil Export Values (US$MM)
America $1,127 $1,773 $2,401 35% 113%
Europe $250 $298 $105 -65% -58%
Asia $678 $1,005 $622 -38% -8%
Total Oil Export Values $2,056 $3,077 $3,127 2% 52%
           
Mexico’s Total Crude Oil Production (Mbbl/d) 1,688 1,686 1,690 0% 0%

Dollar Value Counts

Pemex’s recent shift in oil exports has resulted in a rise in the financial value it receives owning to higher oil prices and Mexico’s proximity to America compared to Asia and Europe.

The financial value of Pemex’s total oil exports reached $3.1 billion in May, up 2% compared to April and up 52% compared to May 2021, according to Pemex. The drastic rise in value is due primarily to the large increase in oil prices, which have been driven mainly by Russia’s invasion of Ukraine.

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