Mexico proposes historic crude oil swap with U.S.

Mexico's state oil company, Pemex, said that it had proposed an oil swap with the United States, potentially ushering in the first sustained crude imports by Mexico from its northern neighbor after years of self-sufficiency.

Pemex said it had set out a plan to import up to 100,000 barrels a day of light crude and condensates to mix with its own heavier crude at domestic refineries.

In exchange, Mexico would provide the United States with heavier Mexican crude for processing at U.S. refineries, and would use the imports from the United States to boost local gasoline and diesel output.

Source: Reuters