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Mexico's February oil export revenues fall 56.4% year on year

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  • Mexico's February oil export revenues fall 56.4% year on year

    Mexico City (Platts)--26Mar2009 Mexico's February oil sales revenue plunged 56.4% year on year to $1.66
    billion, the National Statistics Institute, or Inegi, reported Wednesday.
    Despite the oil sales plunge, the country's trade deficit fell more than
    half to $491 million in February 2009, compared with $1.081 billion in
    February 2008.
    Total exports were $16.12 billion, 29.6% down on February 2008.
    Despite both exports and imports tumbling in almost equal measure, the
    deficit narrowed as Mexico's weaker currency made exports more profitable and
    imports more expensive.
    Oil exports in February 2009 were $1.66 billion, of which crude accounted
    for $1.333 billion. State oil company Pemex said Mexico earned $3.327 billion
    from crude exports in February 2008.
    The average export price of Mexican crude in February was $37.88/barrel,
    25 cents more than in January but $43.52/b less than in February 2008, Pemex
    said.
    In February 2009, Mexico exported 1.257 million b/d of crude, down from
    1.366 million b/d in the previous month and 1.429 million b/d in February
    2008.
    Imports of petroleum products (gasoline, diesel and LPG) also fell
    sharply in February 2009, to $1.348 billion, a 53.6% year-on-year drop, Inegi
    reported.
    Pemex reported last week that Mexico imported 272,000 b/d of gasoline in
    February 2009, down from 339,000 b/d in February 2008.
    --Ronald Buchanan, [email protected]
    The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is.” Winston Churchill
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