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Mexico's Pemex to refine record low level of crude

Wednesday, November 25, 2015

Mexico's state oil company Pemex will process the lowest amount of crude this year in at least a quarter century, internal refining plan documents seen by Reuters show, as plant outages and other inefficiencies continue to batter margins.

The decline is a double blow, as it means the national oil giant will likely struggle to compete in the upcoming liberalization of Mexico's retail oil sector and the country will probably have to buy more gasoline from U.S. refiners, unless it can significantly improve operations.

Source: Reuters