By 2024, Pemex, Mexicos state oil company, plans to shift its market strategy and cede 16% of the fuel market to private firms.This move aligns with President Andrs Manuel Lpez Obradors final year in office.
A recent presentation revealed these details.Currently, Pemex holds a dominant position, controlling 84% of the fuel market.
Despite the presidents goal of self-sufficiency, the companys share will decrease.Pemexs sales in December 2023 included 1.58 million barrels daily.
This volume represented 82% of the market.The firms leader, Octavio Romero Oropeza, emphasized this dominance.Alejandro Montufar, CEO of PetroIntelligence, shared insights on Mexicos fuel industry with Bloomberg Linea.
He believes Mexico could reach oil independence by 2026.Shifting Tides in Mexicos Oil Industry.
(Photo Internet reproduction)This expectation considers the current regulatory environment and governmental strategies.Montufar stressed the need for careful monitoring of Pemexs progress.
He pointed out past delays and potential future disruptions.International competitors have entered the marketInternational competitors like Valero, ExxonMobil, Koch, and Shell have entered Mexicos market.This change followed an energy reform by former President Enrique Pea Nieto.
The government aims to regulate fuel imports more strictly.Pemex faces challenges in its refining sector.
The Dos Bocas refinery, started in July 2022, hasnt begun commercial operations yet.Although Pemex improved its refining capacity, it still falls short of its targets.
The Tula and Salina Cruz plants will reach full capacity after the current presidential term.Pemexs import plans include 298,000 barrels per day to meet a demand of 1.34 million barrels.The Deer Park refinerys production, located in the United States , is part of these imports.
Romero Oropeza announced a goal to reduce the deficit to 62,000 barrels by September 2023.This step moves Pemex closer to self-sufficiency.He added that the Salina Cruz plants operation in 2025 will enable Pemex to refine all its crude oil, currently at 1.8 million barrels daily.