Mexican oil demand recovery stalls in April: Pemex data

London, (Quantum Commodity Intelligence) - Mexican oil product deliveries edged 60,000 barrels per day (bpd) lower month-on-month in April to 1.1 million bpd, leaving demand around 22% below pre-pandemic levels, according to the latest data available from state-owned company Pemex.

Deliveries were up 219,000 bpd, or about 25%, on April 2020 levels, which was marked by widespread closures linked to the pandemic.

The figures show that the recovery in fuel demand stalled in the first month of Q2.

Gasoline, the country's main transport fuel, fell 22,000 bpd on the month to 566,000 bpd, despite lower Covid-19 cases and an increase in mobility.

Diesel deliveries were down 14,000 bpd to 217,000 bpd.

Jet fuel consumption inched up on the month, but remained down around 30,000 bpd from pre-pandemic levels due to reduced international flights.

Refinery output, which has been hampered in recent years by technical problems, fell from the more than two-year high reached in March, to 724,000 bpd.

As a result, oil product imports went up 131,000 bpd on the month, with gasoline (96,000 bpd) being the main driver.

Crude production from the country's oil fields, both onshore and offshore, was stable month-on-month and down just 30,000 bpd on the year, at 1.9 million bpd. Exports of the country's two main crude blends, Istmo and Maya, were also little changed at 923,000 bpd.