Mexico's Pemex proposes to import US crude
Jan. 09, 2015
MEXICO CITY (AP) — Mexico's state oil company wants to import about 100,000 barrels of light U.S. crude a day to mix with this country's heavier oil as a way to improve refinery processes.
State-owned Pemex said Thursday that the deal was proposed last year and would simply trade heavier Mexican crude for light U.S. oil.
While the deal has not gone through, it is raising hackles in Mexico, which is a country sensitive about its own falling oil production. Mexico has been a crude exporter for decades, but officials have warned it will become a net importer if it doesn't explore new reserves.
Mexico exported an average of about 803,000 barrels of oil a day to the United States in 2014.