Pemex, Mexico’s state owned oil firm, does not plan to cut its oil exports in the long term due to “low (production) costs and, of course, the blend of heavy and light oil that we produce has good demand in the international market” according to the firm’s General Director, Ulises Hernandez. In the short term it’s a different story. There was a 26.4% year over year drop in oil exports from Mexico in January, led by a 26.4% slide in shipments to Europe. In February the firm also had to contend with regional supply chain volatility after the winter storms ...