Mexico saw a 6% rise in its fuel supply in November compared to October, reaching 909,900 b/d. This increase was mainly due to higher output from state-owned oil company Pemex, which offset a decline in imports, according to government customs data reviewed by OPIS.
Pemex's six older domestic refineries produced an average of 399,200 b/d of gasoline, diesel, and jet fuel in November. This marked a significant increase of 30% compared to October's production of 305,400 b/d. However, it was 21.2% lower than November 2022.
In contrast, Mexican imports of transportation fuel decreased in November. The customs data revealed an average import of 510,700 b/d, down 7.6% from October and 12.4% from the same month in 2022. Pemex accounted for a substantial portion of these imports, but it too experienced a decline. Pemex imported 262,900 b/d of fuel in November, a decrease of 16.7% from October and 19% year-on-year.
Pemex's domestic refining operations played a crucial role in Mexico's fuel supply, accounting for nearly 44% in November. Additionally, its imports contributed nearly 29% to the total fuel supply.
Among Mexico's largest private fuel importers, Valero Energy, ExxonMobil, and Marathon Petroleum witnessed increases in November volumes of 9.2%, 1.2%, and 6.7%, respectively. On the other hand, Koch Industries' imports fell by 4.3% compared to October. However, the company still experienced a notable year-on-year increase of almost 46%.
As a result, the shares of Valero Energy, ExxonMobil, Koch Industries, and Marathon Petroleum in Mexico's fuel supply for November were 11%, 9.8%, 3.1%, and 1.9%, respectively. Pemex remained the dominant player, with a share of 72% in the country's fuel market in November.
Pemex's CEO, Octavio Romero Oropeza, recently announced that the company's share of the fuel supply market increased to 82% in the previous year and is expected to reach 84% this year.
Almost 65% of Mexico's fuel imports in November were transported by ship, according to census data.
Reported by Karla Omaña; Edited by Jeff Barber
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