Mexico Seeks Asian, European Buyers For Its Crude Oil

Mexican state oil company Pemex is in talks with potential buyers in Asia, including China, and in Europe as it seeks alternative markets for its crude following U.S. President Donald Trump’s tariffs, Reuters reported.

Pemex's exports plummeted 44% year-over-year to just 532,404 bpd in 2025, marking the lowest level in decades. I Photo: Magister Mathematicae Wikimedia Commons

Trump recently imposed a 25% tariff on imports from Mexico and Canada. While Canadian crude oil received a lower 10% tariff, Mexican crude is subject to the full 25% levy.

In 2024, Pemex exported an average of 806,000 barrels per day (bpd) of crude oil, with 57% going to the U.S. However, in January 2025, exports plummeted 44% year-over-year to just 532,404 bpd, marking the lowest level in decades.

Mexico has historically shipped some crude to Europe and Asia—particularly India and South Korea, according to Kpler data—but the U.S. has been its dominant buyer, especially for its flagship heavy sour Maya crude.

A senior Mexican government official, speaking on condition of anonymity due to the commercial sensitivity of the negotiations, confirmed that Pemex is actively exploring alternative markets.

"The good thing is that there's appetite for Mexican crude in Europe, in India, in Asia," the official said. "There's demand for heavy crude and Pemex crude," Reuters journalist Ana Isabel Martinez also reported.