Mexico casts wider net for oil buyers
Mexico reduced its crude exports to the U.S. in September to the lowest level in more than 25 years as it looks further away for buyers with Gulf Coast refiners flooded with shale and oil sands.
Pemex, the state-owned oil company, shipped 550,000 bpd to the U.S. in September. That’s the lowest level in Energy Ministry records dating back to 1990. It’s the first time since 1992 that less than half of Mexico’s oil exports have gone to its northern neighbor.