Mexico registered a deficit of 8,075.6 million dollars in its oil trade balance during the first quarter of 2023, informed Inegi.
This negative balance resulted from the difference between imports for 15,641.1 million dollars and exports for 7,565.4 million.
While exports fell by 14.7%, imports rose by 7.1% year-on-year.
Among recent highlights, on January 31, 2023, Petroleos Mexicanos (Pemex) issued 2 billion dollars of its 10,000% bonds maturing in 2033.
The proceeds will be used to refinance Pemex’s liabilities, without increasing debt balances.
In addition, in March 2023, the Business Plan for Petroleos Mexicanos and its Subsidiary Productive Companies 2023-2027 was announced, whose objective is to consolidate Pemex’s path towards sustainable performance, and to achieve reserve incorporation rates in line with the production platform.
The plan also includes optimizing Pemex’s portfolio of exploration and production projects, strengthening downstream infrastructure, supporting operations by guaranteeing the efficiency of services, treatment, transportation, storage facilities and measurement systems, increasing the reliability and operational efficiency of Pemex’s facilities, improving Pemex’s competitive position and its share of the domestic market, and aligning corporate and administrative services to respond promptly to the needs of the value chain.
Oil trade balance
Article 28 of the Political Constitution of the United Mexican States establishes that the exploration and extraction of oil and other hydrocarbons are exclusive activities of the State.
Mexico maintains direct dominion and inalienable and imprescriptible ownership of these resources.
The hydrocarbons market is a highly regulated market that allows private participation in some sectors.
In the case of oil or fuel export operations, these activities are subject to permits.
Any person wishing to export hydrocarbons must have a hydrocarbon export permit granted by the Ministry of Energy.
In order to obtain such permit, it is necessary to comply with the requirements established in the Hydrocarbons Law and the Agreement that establishes the merchandise whose import and export is subject to regulation by the Ministry of Energy.
