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Weak domestic demand pushes Pemex crude oil exports to 7-year high in November

Mexican state oil company Pemex exported 1.38 million b/d of crude oil in November, the most since 2010, as a result of weak domestic demand, the company's monthly operative data report shows.

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Exports reported in November were 115,000 b/d higher than in October and 46,000 b/d higher year on year.

Export levels are expected to decrease in December and early 2018.

Pemex's oil production is declining and domestic crude demand is expected to recover.



Pemex's 330,000 b/d Salina Cruz and 195,000 b/d Madero refineries were stopped in November and its 275,000 b/d Minatitlan refinery was partially operating.

Pemex's production has been in constant decline since peaking at 3.4 million b/d in 2004. In November, it produced 1.87 million b/d, down 30,000 b/d from October and down 200,000 b/d year on year.

Mexican crude exports are also becoming heavier. Maya crude blend exports reached 1.26 million b/d, or 91% of all exports, in November. This was 69,000 b/d higher than October and 271,000 b/d higher year on year.

The average price of Maya's blend was $52.49/b in November, up 7.85% compared with October and 37.34% higher year on year.

November is the third straight month Pemex hasn't exported Olmeca light crude blend. The fall in light crude exports has disrupted Asian refiners' supply diversification plan, industry sources have said.

The Americas region was Pemex's main crude export destination with 658,000 b/d in November, up 59,000 b/d from October but down 9,000 b/d year on year.

Exports to Asia were 461,000 b/d in November, a decrease of 35,000 b/d from October but up 158,000 b/d year on year.

Europe acquired 269,000 b/d of crude oil from Pemex in November, up 22,000 b/d compared with October but down 34,000 b/d year on year.

Pemex doesn't disclose its export destinations by country. However, Mexico's top export destinations year to date for crude are the US, Spain, India, South Korea, Japan and China, according to customs data from Mexico's Economic Secretariat.

--Daniel Rodriguez, newsdesk@spglobal.com
--Edited by Jason Lindquist, jason.lindquist@spglobal.com