Mexico’s Pemex declared force majeure on fuel imports, which it receives from the United States, because of tanking demand, Reuters reported , citing two unnamed sources. Bloomberg quoted another unnamed source that said there were several tankers carrying fuel from the U.S. and waiting to unload in Mexico. They were, however, unable to do so. According to a former employee with Pemex’s trading arm, PMI, 60 tankers are waiting off the Pacific and Atlantic coasts of Mexico, each carrying an average of 300,000 barrels of gasoline, for a total of 18 million barrels. Demand for fuel in Mexico, however, has slumped. As a result, Pemex has opted for a force majeure declaration to avoid having to pay penalties linked to other alternatives such as suspending supply contracts or spot market purchases, the Reuters source said. What makes the situation complicated for PMI is the fact that since last year, […]