petroleum. Mexico announces plan to halt exports to ensure fuel self-sufficiency
Mexican state-owned oil company Pemex has announced that it intends to suspend oil exports in 2023. This would fulfill a promise made by Mexican President Andreas Manuel Lopez Obrador regarding the country’s fuel self-sufficiency.
“Nearly 100 percent of Mexican crude oil will be refined in our country to ensure an uninterrupted supply of fuel,” Pemex President Octavio Romero Urubez said at a press conference on Tuesday.
He added that in 2022 we will reduce daily crude oil exports to 435,000 barrels and next year we will withdraw sales to foreign customers.
Mexico announced the suspension of oil exports
Photo: pixabay.com
This move is part of Lopez Obrador’s policy to increase domestic fuel production. Al Jazeera reported that Mexico currently exports crude oil and imports petroleum products such as gasoline and diesel.
Commenting on the decision of the state-owned company Pemex, the president of Mexico said that “the oil belongs to the people, to the people, for internal use.” “We need to stop selling crude oil and buying gasoline and maintaining fair fuel prices,” the Mexican government said in a statement.
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Pemex – one of the largest companies in the industry
If fulfilled, the Pemex pledge would mean the withdrawal of one of the largest companies in the industry from the international crude oil market. At its peak in 2004, Pemex exported nearly 1.9 million barrels per day to refineries in Japan and India, and attended meetings of the Organization of Petroleum Exporting Countries (OPEC).
Al-Jazeera reported that the refineries in South Korea and India will incur the largest losses resulting from this decision.
