OIL PRODUCTS: Mexico Cuts Gasoline Imports but Far from Self-Sufficiency

Pemex reduced gasoline imports by 6% to 391k b/d in 2024, but this is still far from Mexico's goal of fuel self-sufficiency, Bloomberg said.

• Despite investments like the 340k b/d Dos Bocas refinery, production remains minimal due to delays and cost overruns.
• In July 2024, a deficit of 324k b/d in gasoline, diesel, and jet fuel was projected, expected to be reduced by new refinery projects.
• Pemex's gasoline production increased by 15% to 290k b/d, with significant contributions from the Madero, Cadereyta, Salamanca, and Minatitlán refineries.
• However, Pemex faces a crisis with $20 billion in unpaid supplier debts and stagnant oil production at 1.7m b/d.
• President Sheinbaum continues the refining plan of her predecessor, aiming to reduce fuel oil production and increase gasoline and diesel output.
• Pemex controls 86% of Mexico's gasoline market, with demand around 700k b/d.
• Sheinbaum has proposed legislative changes to Pemex's status, promoting private sector alliances.