The U.S. crude oil swap agreement with Mexico makes sense for regional refiners looking to bridge the gap between oil grades, the U.S. government said. The U.S. Commerce Department’s Bureau of Industry and Security this month granted a request from Mexican energy company Petroleos Mexicanos, known also as Pemex, to swap as much as 100,000 barrels of U.S. crude oil per day for refining into the nation. The deal requires Mexico to refine the crude oil at home and forbids re-export to other nations. The U.S. Energy Information Administration noted the deal makes sense for North American refiners. U.S. refineries situated along the Gulf Coast are designed to process a heavier grade of crude, like that found in Mexico, while Mexican refiners are geared toward lighter oils, like […]