Mexico plans to halt crude oil exports in 2023 as part of President Andres Manuel Lopez Obrador’s nationalist goal of self-sufficiency in fuel production....
President’s plan to reduce daily crude exports next year by more than half and phase out sales to foreign customers the following year is met with skepticism.
The ambitious — and some say improbable — endeavor is part of Lopez Obrador’s drive to expand homegrown production of gasoline and diesel that Mexico now mostly buys from U.S. refiners. Like many major oil-producing nations, Mexico lacks the processing capacity to convert its oil bounty into fuels and other end-products.
In contrast, U.S. refiners typically operate at more than 90% of capacity; even during the worst of the pandemic-driven collapse in energy demand, American fuel makers were churning away at close to 70%. Pemex plans to bring Dos Bocas online next year, though full operations are unlikely until 2023 due to cost overruns and construction delays. The refinery in the Houston suburb of Deer Park is categorized by Pemex as part of its national refining system despite its location north of the U.S. border.
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