January 7, 2014 / 1:00 AM / in 4 years

Mexico to begin light crude oil exports to Europe in January

MEXICO CITY, Jan 6 (Reuters) - Mexico will begin shipping extra light Olmeca crude oil to customers in Europe this month, diversifying the country’s export markets, national oil company Pemex said on Monday.

The company said its trading arm, PMI Comercio Internacional, will manage the exports, but a company spokesperson declined to provide details, including expected shipment volumes.

Mexico exported an average of 1.18 million barrels per day (bpd) of mostly heavy crude oil last year through November, while it produced 2.52 million bpd over the same period.

In August, the company said it was planning to increase crude exports to growing Asian markets, especially China and India.

Over 80 percent of Mexico’s crude exports are comprised of heavy Maya crude, which mostly go to customers in the United States.

Pemex also announced on Monday that it will resume crude exports from its Salina Cruz port in southern Oaxaca state to U.S. and Asian customers.

Almost all of Mexico’s crude oil exports are currently shipped from three Gulf coast terminals, Dos Bocas, Coatzacoalcos and Cayo Arcas.

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