Pemex plans to cut oil exports to meet domestic fuel demand

World Oil | Dec 10, 2021 at 1:00 AM
  • Pemex is said to be planning to trim its crude oil exports next year as it cranks up domestic fuelmaking to supply an economy bouncing back from the pandemic.
  • The reductions are expected to hit refiners in South Korea and India the hardest, with smaller cuts seen to buyers in the U.S. and Europe, as Pemex backtracks on earlier plans to diversify away from the U.S. market.
  • Pemex’s trading arm, PMI, traditionally holds meetings with its clients in November and December to discuss its ability to supply crude for the coming year in 12-month contracts.