Gasoline Production in Mexico on the Rise, but Imports Also Increasing

The National Refining System (NRS) processed 796,000 barrels of crude oil per day during August. This figure marked an increase in gasoline production in Mexico, representing a 3.6% rise compared to July.

Despite the increase in gasoline production in Mexico, gasoline imports reached 407,000 barrels per day.

This figure indicates a monthly increase of 17%, the largest monthly growth since October 2022, as revealed by data from Petróleos Mexicanos (PEMEX).

From January to August of the current year, oil refining averaged 818,000 barrels per day, representing a slight increase of 0.7% compared to the same period in 2022.

The Salina Cruz refinery in Oaxaca contributed 27.9% to the crude oil processing in August, refining 221,000 barrels per day.

It was followed by the Tula refinery in Hidalgo (24.8% of the total), Minatitlán in Veracruz (14.8%), Madero in Tamaulipas (11.9%), Cadereyta in Nuevo León (10.9%), and Salamanca in Guanajuato (9.8%).

In a radio interview, Rocío Nahle, Secretary of Energy, mentioned that currently, the Cadereyta refinery is the most profitable, generating a profit of $12 per barrel.

Meanwhile, another refinery excelling in gasoline production in Mexico is located in Minatitlán, with an average profit of $8 per barrel.

Gasoline Production in Mexico

Furthermore, PEMEX’s monthly report also revealed that the NRS managed to produce 812,000 barrels of petroleum products per day, of which 241,000 were gasoline.

This figure was 9% lower than what was observed in July.

Just on September 26, Claudia Sheinbaum, coordinator of Morena’s Transformation Defense, stated that there have been no fuel price hikes during the current administration due to reduced fuel imports.

She mentioned, “Notice that in the past, during the administrations of Fox, Calderón, and Peña, fuel imports increased by over 500%, more than fivefold. However, under President López Obrador, gasoline imports have decreased by 50% between 2018 and 2023. This is because the Deer Park refinery in Texas was acquired, six refineries are being rehabilitated, and the Olmeca refinery in Tabasco is under construction.”

Despite this message, gasoline imports from abroad reached their highest level in August since October 2022 when the country imported 482,000 barrels per day.

Also read: Mexico’s Exports Increased in August: Fourth Consecutive Month.