Mexico plans to reduce oil exports to the United States, Europe and Asia

Mexico's state oil company, Pemex, plans to temporarily (for several months) suspend exports of certain types of crude oil, which will lead to a decrease in supplies in the global market, which is becoming increasingly competitive.

The company canceled contracts to supply its flagship Maya crude oil to refiners in the United States, Europe and Asia. Pemex's plan is related to the desire to increase the production of gasoline and diesel fuel in the domestic market of the country, especially before the upcoming presidential elections.  

The Mexican president has been making efforts to reduce the country's dependence on fuel imports for some time, and his initiatives to modernize the refining sector seem to be starting to bear fruit. The Maya variety will be the first to be exported under the new measures. Supplies of other varieties will continue, but their volumes will be significantly reduced.

American refineries Valero Energy Corp, Chevron Corp and Marathon Petroleum Corp are expected to face the greatest difficulties. In addition, the decline in Mexican exports against the background of OPEC+ production cuts threatens to lead to an increase in oil prices, which have already reached a six-month high. Brent quotes jumped to the level of $89 per barrel today.