After decreasing production to match lower demand in 2020, Mexico plans to boost oil exports in 2021 as worldwide demand gradually increases once again. OPEC members heavily reduced oil production and export levels in 2020 amid a precipitous drop in demand. Although Mexico initially supported this initiative to stabilise pricing, the head of state-owned Mexico’s Petroleos Mexicanos (Pemex) announced this week that production would pick up to pre-reduction levels this year. Ulises Hernandez, general director of PMI – which manages many of Pemex’ trade deals stated , “Because of the low (production) costs and, of course, the blend of heavy and light oil that we produce has good demand in the international market, we have not had the need to reduce exports.” Pemex produced an average of 1.65 million bpd of crude in January, barely less than the previous year. This is expected to pick up over the next […]