Pemex reported its trade balance for the third quarter of this year and its performance continues in the red. The company has poor operational metrics, forcing it to increase imports to supply local demand. However, the company has reduced its deficit in recent months.
The firm does not plan to renegotiate a 20-year contract to supply ethane to Pemex, but is open to discussing alternatives with the new government.
The NOC reported natural gas production metrics for September showing a recovery compared to same period last year, but insufficient to solve the current crisis. A region in Tabasco is preparing to boost investments in the natural gas sector.
Pemex has reported poor operational metrics in the refining sector, especially in fuel production. The NOC’s revenues had reported a good performance, thanks to the increase in prices, but the trend is changing.
The Superior Audit of the Federation (ASF) has made complaints about possible irregularities in the cash management of Pemex subsidiaries abroad. Rocio Nahle Garcia, AMLO’s Secretary of Energy (Sener), spoke on this topic.
The Pemex refining crisis is affecting several sectors in Mexico and the company has not yet announced a strategy to solve it in the short term. The jet fuel market is increasing is dependence on imports due to Pemex ‘s lack of capacity to serve local demand.
Pemex reported oil export figures for the third quarter of 2018 and these decreased compared to previous quarter. Shipments increased considerably to the United States, counteracting decreases to other regions. The Far East continues as the second destination for Mexican crude.