MEXICO: Mexico is sending more oil to Europe and Asia and less of its crude into the U.S., according to a new analysis by the U.S. Energy Information Administration.
In September 2015, the U.S. imported 600,000 barrels per day of Mexican crude, the lowest level since 1990 and about half of imports in January 2011. Simultaneously, Mexico’s national oil company Petroleos Mexicanos sent more heavy oil to Asia and more light oil to Europe, according to an analysis by the EIA.
The majority of the oil Mexico ships abroad is heavy oil known as Maya crude. In the U.S., the blend has faced steep competition from Western Canadian Select blends, which have increasingly made their way to the Gulf Coast as well thanks to new pipelines and stepped up production from the Canadian oil sands.
As the U.S. has taken less Mexican heavy oil, more of the crude has instead flowed to Asian markets such as India, South Korea and Japan, the EIA said. Additional volumes have been processed in Mexico as well.
Similarly, as Mexico has shipped less light oil to the U.S., its exports to Europe have risen. Most of that light crude is headed to Spain, with smaller volumes ending up in Italy, France and the Netherlands, the EIA said.
