Mexico’s decision to refine more of its crude domestically rather than overseas is likely to lead to a change in the regional tanker trades, says Poten & Partners.
Mexican oil production peaked in the early 2000s at around 3.8m barrels per day, before gradually declining. Today, the figure is about 2m bpd.
Traditionally, a significant portion of the country’s crude output was exported to its neighbours in the north, primarily the US Gulf, and US refiners shipped refined products back to Mexico.
