Exclusive: After Trump's Tariffs, Mexico Seeks Asian and European Crude Oil Buyers
Mexican state oil company Pemex is actively engaging with potential buyers in Asia and Europe as it seeks to redirect its crude oil exports following the imposition of 25% tariffs by the U.S. government. Historically reliant on U.S. markets, Pemex's exports have faced a significant slump, with a 44% year-on-year decline in January, prompting a strategic pivot toward non-U.S. markets like China and India. Despite the higher shipping costs and challenges posed by the aging domestic refining infrastructure, there is optimism about the appetite for Mexican crude in these new markets.
- This shift underscores the broader implications of global trade dynamics, highlighting how geopolitical tensions can reshape energy markets and force companies to adapt their strategies.
- What long-term changes might we expect in global oil trade patterns if more countries begin to impose tariffs similar to those seen between the U.S. and Mexico?