Mexico's Pemex stopping US West Coast oil exports

[phantom power]

MEXICO CITY, Jan 9 (Reuters) - Mexican state oil monopoly Pemex will stop shipping crude oil to the U.S. West Coast from February due in part to a shortage of infrastructure at Salina Cruz port, the company said on Wednesday.

Pemex was only shipping a tiny 20,000 barrels per day of oil to the U.S. Pacific coast out of its total daily exports of around 1.7 million barrels, but will now focus on exports to the U.S. Gulf coast and smaller shipments to Europe and Asia.

Pemex said the decision was made because of limited storage space at Salina Cruz, on the Pacific coast, and bottlenecks with transporting crude oil there from Dos Bocas on the Gulf of Mexico coast where much the country's oil is produced.

"The volume of crude that will no longer be sent to the U.S. West Coast will be sold in other markets where there are better economic alternatives," Pemex said in a statement.

http://uk.reuters.com/article/oilRpt/idUKN0963568320080110

[Warpy]

1. The real story is that Pemex is getting tapped out

and they're beginning to realize their fields aren't going to last much longer. When that happens, the oligarchy is going to be in trouble.

[Javaman]

2. Can't wait for the great contraction...

when nations won't export anymore oil so they can save it for their own nations.

things are certainly getting a bit more interesting.