Pemex increases imports more than production

As far as fuels are concerned, 2022 has been a year of market recovery for Petróleos Mexicanos (Pemex), but this has been possible thanks to the dynamism of its imports rather than the increase in its local production, which is why this year outlines zero progress towards the current government’s goal of achieving self-sufficiency in gasoline and diesel.

Here are the calculations based on figures from the Ministry of Energy: in the line of gasoline – the most consumed automotive fuel – Pemex raised its imports 28% per year to 427,025 barrels per day in the period from January to October, while production in the All of its six refineries rose at a rate –lower– of 17.2%, to reach 268,571 barrels per day.

It should be remembered that in its 2022-2024 Business Plan -disclosed in the last days of December 2021-, Pemex set the goal of producing around 390,000 barrels of gasoline per day on average during 2022 (not including the production of the Deer refinery Park), so that as of October the company is 31% below its annual target.

But that did not prevent Pemex from recovering ground in the sale of gasoline, since in the first 10 months of the year, with its production and imports, the company contributed almost 85% of the country’s net gasoline supply (imports plus national production, less exports). equivalent to about 812,776 daily barrels.

During the same period of 2021, on the other hand, Pemex’s participation had reached a minimum of 76.8% within a gasoline offer estimated at 724,309 barrels per day.

The ground gained by Pemex has been ceded by the union of private distributors, whose import volume as of October fell 25.4% annually to 125,393 barrels per day, which implies that its share in the gas station supply contracted from 23.2 to 15.4 percent.

In the end, the total net imports, which result from adding the product brought by Pemex and the one brought by private companies minus exports –in this case marginal–, added up to 544,205 barrels per day, which represents 67% of the total supply, that is to say , just one percentage point below the 2021 quota.

It should be mentioned that this percentage peaked at 74% in 2019 and experienced its biggest drop between 2020 and 2021, when it dropped from 72 to 68 percent.

Diesel, more dynamic

Regarding diesel, Pemex imports have been even more dynamic, rising 69.4% annually to 173,982 barrels per day from January to October, while production rose 28.3% to 148,081 barrels per day (although it is 20% below what that Pemex raised without considering the contribution of Deer Park).

Meanwhile, private imports fell 11.9% annually to 86,764 barrels per day, so that Pemex’s participation in the total diesel supply was 79% of the 407,152 barrels per day supplied in the period, this is 10 points more than the record of 69% of 2021.

In the revised period, total net imports were 259,071 barrels per day and participated with 64% of the total diesel supply, a figure higher than the 63% of 2021. In this line, the maximum level was observed in 2018 with 71% and the The greatest reduction was in 2019, when it dropped to 66 percent.

octavio.amador@eleconomista.mx