Petróleos Mexicanos (Pemex)  will cancel 436,000 barrels per day of exports to support the start-up of the Olmeca refinery, losing 979 million dollars.

The state-owned production company expects that by the middle of this month, the plant will be able to start commercial production of diesel and later of gasoline, and for this, it needs crude oil to feed the refinery.

This measure, which could begin in April and would mean a loss of income of approximately $32.6 million per day, totaling $979 million if it is maintained throughout the month.

The suspension of shipments would affect all three types of Mexican crude: Maya, Istmo, and Olmeca.

Pemex's actions are expected to impact shipments to the United States, Europe, and Asia, further affecting the oil market, which is already reeling from OPEC's production cuts, driving oil prices above $88 per barrel.

Pemex's production fell to its lowest level in 45 years in February, limiting supplies to the National Refining System (SNR), affecting the volume of gasoline output.

With the new Dos Bocas refinery projected to reach its peak production in 2024, the plant is expected to operate at 60% of its capacity this year and reach 94% by 2028, according to data from the Ministry of Energy.