TOKYO/SINGAPORE Feb 7 Japan will import a crude
oil cargo from Mexico for the first time in at least three years
as Japanese refiners cast their net wider to source for cheaper
oil, industry sources said on Friday.
Japanese refiner Cosmo Oil has booked suezmax
tanker, DHT Trader, to load Mexican crude , likely Isthmus, in
West Mexico on Feb. 28, an industry source and Reuters shipping
A second source said this would be the first Mexican crude
import for Japan in at least three years.
Asia has stepped up crude imports from Latin America after
the U.S. shale oil boom displaced these cargoes and lowered
Mexico has Latin America's third-largest proven oil reserves
after Venezuela and Brazil and plans to diversify oil sales away
from an increasingly energy-independent United States to Asia.
Asia could take as much as a fifth of Mexico's 1.1 million
bpd of exports this year, Luis Felipe Luna, chief executive
officer of P.M.I. Comercio Internacional, the international oil
trading arm of Mexico's state oil monopoly Pemex, told Reuters
in August last year.
Besides Japan, India has also been stepping up imports from
Pemex will export its first shipment of extra light Olmeca
crude to India later this month, the company said this month.