Mexico has reversed a plan to reduce oil exports after fires at two Pemex refineries impacted domestic demand for the commodity. Pemex had initially planned to cut exports by up to 436,000 barrels per day in May in order to supply its refineries. However, the fires at the Salina Cruz and Lazaro Cardenas refineries have disrupted operations, reducing the need for imported crude. Additionally, Pemex announced that its new Dos Bocas refinery is expected to reach full capacity in September, potentially further reducing the need for exports. This move highlights the challenges faced by Pemex as it seeks to boost domestic refining capacity while managing declining production.
