Insignia Consultants | Reuters Exclusive: After Trump's tariffs, Mexico seeks Asian and European crude oil buyers
Reuters Exclusive: After Trump's tariffs, Mexico seeks Asian and European crude oil buyers
MEXICO CITY, March 6 (Reuters) - Mexican state company Pemex is in talks with potential buyers in Asia, including China, and Europe, as it seeks alternative markets for its crude after U.S. President Donald Trump imposed tariffs on imports, a senior Mexican government official said.
Trump this week implemented 25% tariffs on goods from Mexico and Canada. While Canadian crude won an exception of a 10% levy, Mexican crude is to be taxed at 25%.
Last year, Pemex exported 806,000 barrels per day (bpd) of crude, of which 57% went to the United States. In January, exports slumped 44% year-on-year to 532,404 bpd, the lowest level in decades.
While Mexico does send some crude to Europe and Asia - in particular to India and South Korea, according to Kpler data - its northern neighbor receives the lion's share of exports of the flagship heavy sour Maya.
The government official said Pemex had been talking to potential new buyers in non-U.S. markets, speaking on the condition of anonymity because the talks are commercially sensitive.
