MEXICO CITY Feb 4 Mexico's national oil company
Pemex will export its first shipment of extra light
Olmeca crude to India later this month, the company said on
Tuesday, as it seeks to expand markets beyond the neighboring
Pemex's commercial arm P.M.I. Comercio Internacional will
deliver a shipment of 500,000 barrels of Olmeca in addition to
1.5 million barrels of heavy Maya crude oil to the Asian nation
during the second half of February, a company spokesperson told
Olmeca is Mexico's most valuable form of crude. The vast
majority of Mexican output is heavier crude which is more costly
Current average Mexican oil exports to India are around
100,000 bpd, which up until now has only comprised of Maya.
The exports are part of an ongoing plan by Pemex to
diversify its export markets away from the United States, which
is importing less Mexican crude as its own domestic production
Last year, about 70 percent of Mexico's crude exports were
sent to the United States, but export volumes to the U.S. are
down by half since reaching a peak of 1.6 million barrels per
day (bpd) in 2004, according to data from Mexico's national
statistics agency INEGI.
Mexico's crude oil production, which currently stands at 2.5
million bpd, is down by a quarter over the past decade.
Pemex has said it sees both India and China as future growth
markets for its crude.
A sweeping energy reform signed into law in December
promises to boost output by luring significant new streams of
foreign investment into Mexico's oil industry over the next
So-called secondary laws needed to implement the reform are
expected by April.