Pemex’s gasoline output grew by 30pc in January

Mexico's state-owned Pemex imported less gasoline in January as production grew sharply.

Pemex increased its gasoline output by 30pc to 198,700 b/d from the same month of 2019. Yet production dropped by 2pc from December, according to data Pemex published ahead of its financial results call tomorrow. Gasoline imports fell by 15pc to 434,300 b/d.

Pemex's six refineries saw fewer outages in January, at 12 compared with 14 a year earlier. Refineries used 36pc of their name-plate capacity of 1.615mn b/d, up from 29pc in the same month of last year, according to a separate report from the energy ministry.

Gasoline demand also rose to 781,400 b/d in January, according to an average calculated by Argus from the weekly statistics provided by the energy ministry. Demand is up by 2.9pc from the January 2019 average.

The increase in production against a shallower decrease in imports contributed to inventories growing by 62pc to 6.548mn bl in January, up from 4.054mn bl in the first month of 2019.

Pemex's refined products output, including LPG, gasoline, jet fuel, diesel, fuel oil and "others" — asphalt, lubricants, paraffin, oils and waxes — increased by 13pc year on year in January, but was down by 4pc in the monthly comparison.

Production of diesel dropped by 5pc year on year, and 18pc against December, according to Pemex's monthly report. Imports of diesel fell by 34pc year on year to 127,600 b/d and by 35pc in the monthly comparison.

Unlike gasoline, demand for diesel fell by 6pc year on year to 346,000 b/d, according to an average calculated by Argus from weekly energy ministry statistics.

Also unlike gasoline, diesel inventories fell by 5pc to 2.1mn bl in January.

LPG production grew by 1pc to 109,500 b/d year on year, but fell by the same amount against December.

Jet fuel production grew nearly as sharply as gasoline, by 28pc, to 28,800 b/d, but fell by 17pc from December's production.

By Sergio Meana