Pemex exports jump, output unchanged in May

Pemex exports

Pemex exports rose 11.4 per cent in May, however, the company’s output was largely unchanged. Barbership.od.ua photo.

Pemex exports to Far East grew, sales to US dropped

MEXICO CITY, June 23 (Reuters) – Pemex exports rose 11.4 percent in May compared to the prior month, while output was largely unchanged, the company said on Thursday.

Data from the Mexican-state owned company showed average crude oil exports rose to 1.204 million barrels per day (bpd) from 1.081 million in April.

Sales to the Far East – which includes Japan, China, India and South Korea – jumped 74 percent last month to 373,000 bpd, while sales in the Americas, mostly to the United States, dropped 11 percent to 593,000 bpd.

Pemex officials told Reuters that they had ramped up oil shipments to Asia, especially of light Isthmus crude, because of changes in blends processed by domestic refineries.

Crude oil production averaged 2.17 million bpd in May, roughly in line with figures from the prior month.

In response to slumping oil prices and mounting debt, Pemex has announced a series of budget cuts, most of which will hit its exploration and production budget. The company now expects output to average 2.13 million bpd this year, and fall even lower in 2017.

Output so far this year has averaged 2.21 million bpd.

(Reporting by Ana Isabel Martínez, writing by Anna Yukhananov; Editing by Cynthia Osterman)

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