Pemex reviews its Crude Export Strategy

Pemex

According to its latest monthly report, Mexico’s state-owned oil company Pemex is increasing its crude exports to the North American market. This redefinition of the export policy is accompanied by a significant reduction in shipments to Europe and Asia. This change can be understood from the US domestic demand for oil.

Pemex’s geographic redeployment

First, Pemex reports crude exports of 965,000 barrels per day (bpd) for the month of May. About 740,000 bpd are going to the American continent. The United States is the main recipient of Pemex’s shipments to the continent. Pemex’s May exports in the Americas should be compared with April’s data. Thus, the company shipped 594,000 bpd to the region, out of a total of 1.02 million bpd.

Second, Pemex’s exports to other continents are declining. For Europe, they represented 32,000 bpd in May. This number was 100,000 bpd in April. As for Asia, particularly the Far East, Pemx crude shipments fell to 192,000 bpd in May from 330,000 bpd in April.

The context of U.S. demand

First of all, Pemex does not explain the changes in exports to its partners. An understanding of the oil environment in the United States can lead to some explanations.

The country seeks to replace sanctioned Russian oil. In addition, the U.S. brings oil from strategic reserves to the domestic market, which requires replenishing stocks. With its production of 1.67 million bpd in May and its export volume of 930,000 bpd in the first five months of the year, Pemex is in a position to supply a quantity that could meet U.S. needs.

In addition, the U.S. is asking refiners to increase production to mitigate the spike in gasoline prices. For example, during the past month, U.S. refiners imported the most heavy crude oil in nearly two years, according to Customs data. In fact, demand is strong in the United States with a marked recovery since the end of the pandemic. For this reason, Pemex is supplying more crude to meet its partner’s demand.

Articles qui pourraient vous intéresser

Lithium

Europe considers classifying Lithium as toxic

In 2021, the French government put forward proposals to classify lithium carbonate, lithium hydroxide and lithium chloride as Category 1A reproductive toxicants. Lithium as a toxic substance, a counterproductive measure? Lithium is used in particular for the manufacture of batteries. At the end of 2021, the European Agency's risk assessment committee accepted the French proposals. The first bill reclassifying lithium compounds is expected to be released between October and December. A category 1A classification makes a substance eligible as a substance of very high concern. This leads to a restriction of its use by the EU Chemical Strategy for Sustainable Development. Several industry players opposed the bill. Roland Chavasse, Secretary General of the International Lithium Association explains: "The risk is that if lithium components are wrongly reclassified in this category, it would introduce uncertainty in planning the long-term commercial viability of the investments around it." The EU aims to become self-sufficient in the production of lithium-ion batteries for electric vehicles by 2025. It is also targeting a domestic lithium production of 80% in the next five years. It also seeks to achieve 35% lithium recycling by 2029. Thus, industry believes that such a proposal would be counterproductive, and would hamper...

éoliennes dans l'alberta

BluEarth builds a wind farm in Alberta

BluEarth Renewable Inc. has launched the construction of its 145 MW Hand Hills wind project in Canada. The project aims to supply the region with energy as well as capital. BluEarth builds its first Canadian project BluEarth Renewable Inc is a Canadian company specialized in renewable energy. On June 27, the company launched the construction of the 145 MW Hand Hills wind farm. The project, located northeast of Drumheller, Alberta, will produce enough clean, renewable energy to power approximately 68,000 homes per year. BluEarth estimates that it should go into commercial service in early 2023. Shell Energy North America will purchase electricity and associated emissions offsets from 100 MW of project capacity. The company's goal is to become a net zero emissions energy company by 2050. BluEarth has developed the project since its acquisition in 2012 and will be the long-term operator of the facility. An important project for the region The Hand Hills wind project will also provide indirect revenues to the local municipality in the form of local services and supplies. It will also contribute to significant and stable property tax revenues over the long term. The project will inject more than $250 million in capital investment into...

D'ici huit ans, Axpo vise une capacité de 10 GW dans les parcs solaires et 3 GW pour les sites d'énergie éolienne (archives).

Axpo develops two wind farms in Romania

Today, Axpo is the largest producer of renewable energy in Switzerland and one of the leading companies in Europe. The company announces the expansion of its wind power business, which currently has 3.5 GW of installed capacity worldwide. Also, it plans to develop two wind farms with a combined total of 38 wind turbines in Romania. Axpo develops two new wind farms Axpo has just announced the development of two new wind farms in Romania. While the project is currently in the planning phase, construction is expected to begin in late 2023. The two parks will be located approximately 100 km northeast and 200 km east of Bucharest respectively. Axpo estimates the annual production of the plants at 750 GWh of electricity. This represents the electricity consumption of about 375,000 Romanian households. Axpo will work closely with local partner Aquarius Energy Developments to complete the project. Moreover, the development of wind energy in Romania will create many jobs. The entire project development sector will benefit, from land acquisition to operations management. A desire to develop new markets Axpo is pursuing a niche strategy in new markets. In other words, this represents markets that are not the focus of large wind...

Dernières Nouvelles