Mexico will stop exporting oil

Mexico has decided to process almost all the oil produced in the country on its own. In 2023-2024, the Dos Bocas oil refinery and the Kangrejera petrochemical complex will be launched, said Octavio Oropesa, head of the Mexican oil and gas state company Pemex.

It follows from this that Mexico will almost 100% abandon oil exports. Earlier, the country's president Andres Manuel Lopez Obrador has already stated that the government intends to stop exports before the expiration of Obrador's term in 2024. By doing this, the authorities intend to preserve hydrocarbon reserves for future generations.

Pemex's loss amounted to $4 billion in January-September. The company increased oil production to 1.73 million barrels per day, and exports of «black gold» increased by 58% to $25.2 billion.

Recall that back in April 2020, the OPEC+ countries agreed to reduce production by 10 million b/d, but Mexico refused to reduce production by 400 thousand b/d, putting the deal on the verge of collapse. The situation was saved by the United States, which agreed to reduce its quota by 400 thousand b/d. Experts note that if Mexico withdraws from the world oil market, it will facilitate the procedure for concluding agreements within the framework of OPEC+. At the same time, Mexico's share in the world market may be taken by Russia, Saudi Arabia and the United States.