Mexico stops crude oil exports in 2023?

On December 28, 2021, Octavio Romero, CEO of Petroleos Mexicanos, Pemex, said at a news conference that daily crude oil exports would be cut by more than half by 2022 to 435,000 bpd, before phasing out sales
to foreign customers in 2023.

Currently, gasoline and diesel in Mexico are mainly purchased from U.
S.
refineries, and President Lopez wants to expand domestic fuel production and achieve a self-sufficiency strategy
.
The above plan is part of this ambitious goal, but some say it is impossible to achieve
.
Like many major crude oil producers, Mexico lacks the processing capacity
to convert its abundant crude oil into fuel and other final products.

Mexico's current international crude oil supply exceeds 1 million barrels / day, according to the current plan to reduce 500,000-600,000 barrels / day in 2022, which is a very large amount
for the tightly balanced international crude oil market.

The analysis believes that Mexico's suspension of crude oil exports means a substantial withdrawal from OPEC+
.
OPEC+ currently exports about 6 million barrels / day, Mexico "exited", suddenly less than 1/6, there is only 5 million barrels / day of total exports
.
Then, the crude oil exports of a total of 12 countries of OPEC add up, and it is not enough to catch up with the amount
of Russia alone.
Therefore, after Mexico's "withdrawal from the group", the power of international crude oil discourse will undergo a huge "rebalancing"
.
As for how to balance, it depends largely on where
Mexico's power will fit in.