AMLO: oil exports will decrease to produce more fuels

Mexico City. Pemex will soon reduce oil exports, since the crude oil will be used to increase fuel production in the country, President Andrés Manuel López Obrador confirmed yesterday.

In his daily press conference at the National Palace, he assured that when the Olmeca Refinery is producing fuel at its maximum capacity, which will happen in May or June, it will be able to process 340 thousand barrels per day, which will no longer be exported.

When questioned about the issue, he rejected the idea that oil production would decrease, which he put at 1,850,000 barrels of crude oil per day and highlighted that of that volume, only 40,000 are produced by individuals, which is why he described it as a deception the energy reform carried out during the six-year term of Enrique Peña Nieto, who promised to increase private investments in the sector.

He clarified that crude oil exports They will be cut to the extent that we have all the capacity to refine the raw material in the country..

His government’s plan is for domestic production of gasoline, diesel and jet fuel to reach one million 46 thousand barrels per day in 2024, one million 332 thousand in 2025 and one million 396 thousand barrels in 2026.

“To produce this fuel we need around one million 850 thousand barrels of crude oil, so when we are here crude oil will not be sold, because we are going to process everything in the country.

When we arrived, only crude oil was sold, or most of it was for export and very little was for refining.

Era how to sell oranges and buy orange juice.

He explained that the daily production of fuel in the country was 453 thousand barrels in December 2018, which increased to 923 thousand barrels per day in 2023 and one million 160 thousand in March 2024.

About 75 percent of Pemex’s income currently comes from the domestic market and not from crude oil exports.

Pointing out that the private sector only produces 40 thousand barrels per day, he highlighted that of the 110 contracts and concessions awarded by the federal government to oil companies for production, only three are producing and in 107 there is no investment.

They deceived that foreign investment was going to arrive in abundance, that with this energy reform we were going to be producing 3 million barrels a day, nothing. What did they do? They obtained the concessions and dedicated themselves to speculating in the stock marketshe emphasized.