Value of US petroleum products exported to Mexico nearly triples between 2008 – 2018
Published by Tom Mostyn,
Editorial Assistant
Hydrocarbon Engineering,
The US Energy Information Administration (EIA) has reported that energy trade accounted for 12% of the value for all US exports to Mexico and 5% of all US imports from Mexico in 2018, based on the latest annual data from the US Census Bureau. Energy trade between Mexico and the United States has historically been driven by Mexico’s sales of crude oil to the United States and by US net exports of refined petroleum products to Mexico.
Through 2014, US imports of crude oil from Mexico were the most valuable component of this bilateral energy trade. Starting in 2015, the value of US energy exports to Mexico, including rapidly growing volumes of both petroleum products and natural gas, exceeded the value of US energy imports from Mexico as volumes of Mexican crude oil sold to the United States declined.
The value of US exports of petroleum products nearly tripled from US$10.4 billion in 2008 to a record high of US$30.5 billion in 2018, while the value of US energy imports from Mexico remained at a near record low of US$15.8 billion in 2018 for a second year in a row.
Crude oil accounts for most US energy imports from Mexico, averaging 665 000 bpd in 2018. In 2018, Mexico was the source of 9% of US imported crude oil, behind only Canada and Saudi Arabia. The value of US crude oil imports from Mexico totalled US$10 billion in 2017 and US$14 billion in 2018.
Petroleum products account for most of the value of energy exports from the United States to Mexico. In 2018, Mexico received over 1.2 million bpd of petroleum products, valued at more than US$30 billion. US exports of petroleum products to Mexico made up 22% of all petroleum products exported from the United States in 2018. Most of these exports were finished motor gasoline and distillate fuel oil.
In 2018, US petroleum product exports to Mexico rose in both the volume and value of product traded. Changes in Mexico’s utilisation of refineries has created a widening gap between their domestic supply and demand of gasoline, and US gasoline exports now supply more than half of Mexico’s gasoline consumption.
Bilateral natural gas trade is dominated by pipeline shipments between the United States and Mexico. US natural gas exports to Mexico totalled 1862 billion ft3/d in 2018, 90% of which was sent through pipelines.
Since beginning to export LNG by vessel from the Lower 48 states in 2016, Mexico has become the second-largest destination for US LNG exports in 2018, behind only South Korea. US LNG exports to Mexico by vessel between August 2016 and December 2018 totalled 350 billion ft3, or 18% of all US LNG exports.
Principal contributor: Natalie Kempkey
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/23042019/value-of-us-petroleum-products-exported-to-mexico-nearly-triples-between-2008-2018/
You might also like
Five key takeaways from the AFPM Annual Meeting
Following the recent AFPM Annual Meeting in Dallas, Texas, US, the AFPM has released a snapshot of some of the key themes discussed throughout the conference.