Pemex Chief:Watching Mkt to Decide When to Begin Crude Imports

[phantom power]

MEXICO CITY (MNI) - Mexico's state oil company Pemex will begin importing crude oil for the first time in decades after watching the markets for the best moment to buy, Pemex Director General Juan Jose Suarez said Tuesday.

Suarez told local radio that Pemex is concluding the analysis of how different mixtures on the market react in the country's refineries, and will wait for an opportunity to buy, making the plan seem much more definite than it did only a day earlier.

...

He said it is not a question of having enough domestic crude, since output has remained steady at 2.59 million bpd this year from 2.6 million bpd last year, but mixing the lighter imported crude rich in gasoline together with Mexico's heavier grade crude, the refinery process will be more profitable, Suarez said.

"Our type of crude has changed for some time because we stopped producing what we used to produce in Cantarell," Suarez said, refering to the nation's huge aging oil field. "Our refining system produces less gasoline with our crude."

http://imarketnews.com/node/18254

[hatrack]

1. Did anybody else hear that?

The sound of that enormous shoe hitting the floor?

[phantom power]

2. That was me pooping out a cow.

Actually, I exaggerate. But it seems like a big deal.

:wow:

[NickB79]

3. Translation: We've pumped out everything except the heaviest tar crap

Game over.

[Kringle]

4. Poor countries always want top shelf, why is that?

2 more examples ...


transport. commodities

US.
pipeline, barge, rail

poor countries
truck, truck, truck

...

electricity

US,
central power stations, coal or natural gas

poor countries
distributed system, diesel generators

[pscot]

5. Didn't like, 19% of our oil

imports used to come from pemex? Back in the day? Four or five years ago?

[Nihil]

6. Ah, but that was before the big fuel conservation effort kicked in ...

... oh, wait ...

[phantom power]

7. The intersting thing is, there *has* been a kind of big fuel conservation effort --

which we mostly call by its other name -- The Great Recession.