Mexico will stop exporting oil in 2023 and will allocate everything to domestic consumption

Petróleos Mexicanos (Pemex) will stop exporting crude in 2023 to use it all for domestic consumption, said Octavio Romero Oropeza, general director of the state oil company.

“Practically 100% of Mexican crude will be refined in our country to guarantee the supply of fuels”Romero Oropeza announced.

The director of Pemex presented a special report on the ten actions carried out by the oil company to comply with the “energy transformation“Of President Andrés Manuel López Obrador, who has promised the”self-sufficiency”.

The official showed that when the Administration began, in December 2018, 1.71 million barrels a day were produced, a figure that now stands at 1.75 million and which in 2024 promises to rise to two million.

He also exhibited that upon arrival, 506,000 barrels were processed and 1.19 million were exported a day, a proportion that in 2021 has changed to 714,000 processed barrels and 1,019 million exported.

“By 2023 and 2024 practically all of Pemex’s production will be processed, it will be refined”, He assured.

The Secretary of Energy of the Government, Dew nahle, highlighted the increase in Pemex’s refining capacity with the rehabilitation of the six existing refineries, the incorporation of the Deer Park plant in Houston, Texas, and the construction of the Dos Bocas refinery in the southeast.

With this, the government will leave the national refining system operating at 86% of its capacity in 2024.

“When we get to December 1, 2018, we find utilization at 32%. Today we are closing this year with almost 50% use of the national refining system and by 2024 we will be leaving 86%, and with this we will be fulfilling self-sufficiency in MexicoNahle said.

The “rescue” from Pemex and fuel self-sufficiency are among the main promises of President López Obrador.

Even so, the oil company lost US $ 4.936 million in the first nine months of 2021 after losing US $ 21.417 million in 2020 in the “worst crisis in its history”, As recognized by the company itself.

Just in 2021, the Mexican government supported Pemex with a total of US $ 19,000 million, between capital injections, tax reduction and debt payments, according to a report by Moody’s.

“With these tax reductions we will be able to comply with the offer of the president in the sense that prices do not rise above in real terms in the country”, Justified Romero Oropeza.

For the remaining three years of this government, Pemex it foresees a total budget of more than 1.11 trillion pesos (more than US $ 53.5 billion).