Mexico’s crude output edged down month-on-month in July to 2.16M b/d (from 2.18M b/d), putting levels 115K b/d lower on the year, according to the latest Pemex data.

However, exports were up by 48K b/d from June but remained 41K b/d below last year. Exports to the Americas fell by 42K b/d month-on-month to 578K b/d, the lowest since January and a 213K b/d decline from July 2015. Long-haul shipments to Europe and Asia were up by 49K b/d and 42K b/d on the month respectively. Compared to July 2015, volumes to Europe were marginally lower, but those to Asia were up by 186K b/d. Meanwhile, the country imported a combined 756K b/d of gasoline and diesel in July, 86K b/d more than the previous year and 66K b/d more than June.