Japan to reduce Mexican oil imports

Apr 10, 1998 02:00 AM

Japan's crude imports from Mexico will sharply diminish in 1998 as the Japanese importers' consortium which organises the purchases is set to be dissolved in June.
Industry officials forecast that Japan's intake of Mexican crude oils Maya and Isthmus could fall to less than 20,000 bpd after June, compared with 60,200 bpd on average in calendar year 1997.
Japanese buyers import Mexican crude oil through an authorised consortium, the Importers' Association of Mexican Petroleum (Mep).
Amid dwindling demand for Mexican grades from domestic refiners, however, the buyers involved decided in the autumn of last year to dissolve Mep in June 1998.
That decision will offset any negative impact for Japanese refiners resulting from Mexico's decision to cut output by 100,000 bpd in support of world oil prices.
'A possible substantial decline in Japan's imports (of Maya and Isthmus) in 1998 was already anticipated by Pemex from last autumn,' so Mexico's recent decision to cut production shouldn't have a major impact, said a senior trader.
The OPEC, together with a number of non-OPEC producers, in late March agreed to cut a combined 1.5-1.6 million bpd from global crude output in a bid to revive slumping oil prices. Mexico, together with OPEC members Saudi Arabia and Venezuela, launched the initiative which led to an end-March OPEC deal.
A trader said most Japanese refiners - except Cosmo Oil and Idemitsu Kosan Co. - will likely halt purchases of Isthmus and Maya in the second half of 1998 anyway.

Source: not available
Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« May 2020 »
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

Register to announce Your Event

View All Events