Pemex’s internationalization has been strengthened since the United States, Pemex’s main partner, reduced its light oil imports.
As of December 31, 2023, P.M.I. Comercio Internacional, S.A. de C.V., the company that handles crude oil imports and exports for Pemex, had 19 clients in seven countries.
In 2023, 69.6% of Pemex’s crude oil exports were to customers in the United States and Canada, an increase of 2.7% over 2022.
Since 2014, due to the increased availability of light crude oil in the United States and other trends in international demand, Pemex has expanded its geographic distribution.
In addition, it has adapted its strategy to diversify and strengthen the position of Mexican crude oil in the international market.
Pemex’s internationalization
During 2023, Pemex’s export sales to the United States totaled 607,924 million pesos.
This represented 35.3% of total sales and 79.2% of export sales for the year.
Since 2003, thanks to the North American Free Trade Agreement (NAFTA), Mexico’s petrochemical exports to the United States have had a zero tariff.
With some exceptions, exports of crude oil and petroleum products have also been free or exempt from tariffs.
External sales
In 2023, Pemex’s crude oil exports grew in volume by 8.4%, from 953,200 barrels per day in 2022 to 1,032,800 barrels per day in 2023.
Pemex Exploración y Producción sells crude oil to PMI, which then sells it to international customers.
The volume exported is the volume that reaches these customers.
PMI uses a basket of international reference prices to set crude oil prices, adjusting according to market conditions.
Export prices for refined products, petrochemicals and natural gas are determined based on market conditions and direct negotiations with customers.
Pemex’s export sales decreased 28.5% in 2023, to Ps. 767.6 billion.
This was due to a 20.2% drop in the average price of Mexican crude oil.
The average crude oil price was US$70.59 per barrel in 2023, compared to US$88.41 in 2022.
Deer Park‘s export sales also fell 27.4% to Ps. 173.2 billion in 2023, due to a 35.5% decrease in the price of petroleum distillates and gasoline.