市場分析

In Response to U.S. Tariffs, Mexico Targets New Buyers in Asia and Europe for Crude Oil

Amos Simanungkalit · 06 Mar49.9K 閱讀

Image Credit: Reuters

Pemex, Mexico's state-run oil company, is in discussions with potential buyers in Asia and Europe, including China, as it seeks alternative markets for its crude oil following the U.S. imposition of tariffs. President Donald Trump recently imposed a 25% tariff on Mexican goods, including crude oil, while Canadian crude was granted an exemption of a 10% levy.

Last year, Pemex exported 806,000 barrels of crude per day (bpd), with 57% going to the United States. However, in January, exports fell sharply by 44% year-over-year to 532,404 bpd, the lowest level in decades. While Mexico does send some crude to Europe and Asia, especially to India and South Korea, the majority of its heavy sour Maya crude traditionally went to the U.S.

A senior Mexican government official confirmed that Pemex is exploring new buyers outside of the U.S. market, mentioning that there is demand for Mexican crude in Europe, India, and Asia. The official highlighted that Chinese buyers are particularly interested in the crude, though the decision to redirect these flows will ultimately depend on demand.

Pemex's trading arm, PMI Comercio Internacional, also noted that countries in Asia, including China, India, South Korea, and Japan, are viable alternatives to the U.S. market due to their refineries' ability to process the specific type of crude Mexico produces. However, higher shipping costs could be a factor in shifting exports.

Despite these market shifts, the government official stated that Pemex would not offer discounts to its U.S. clients in response to the tariffs. Once existing contracts with U.S. buyers expire, Pemex plans to redirect its shipments to Asia and Europe. There have been no indications from U.S. buyers about canceling contracts.

Mexico's oil production has been on the decline, with output from aging fields in the Gulf of Mexico falling to a 40-year low. The country's refining system is struggling, and while the Olmeca refinery is expected to come online soon, Mexico remains reliant on crude exports while importing gasoline and diesel, mostly from the U.S. Without significant investment in exploration and production, Mexico could even begin importing crude oil in the future to support its expanded refinery capacity.