Petroleos Mexicanos (AKA Pemex) has cancelled contracts to supply its flagship Maya crude oil to refiners in the US, Europe and Asia, according to people with knowledge of the situation – reports come via Bloomberg (gated).
Pemex’s plan to suspend some exports is part of an effort to produce more domestic gasoline and diesel ahead of the June 2 presidential election, the people said
Mexico on average exports about 600,000 barrels a day of Maya crude.
Oil price update:
This article was written by Eamonn Sheridan at www.forexlive.com.