Mexico's national oil company Pemex has proposed a crude oil swap with the United States. Mexico would import up to 100,000 bbl/d of light crude and condensates that it would mix with its own heavier crude in domestic refineries (Salamanca, Tula and Salina Cruz) to boost local diesel and gasoline production; in turn, Mexico would provide the United States heavier crude for processing in US refineries. Mexico is already exporting crude oil to the United States (803,000 bbl/d on average in 2014).
According to Pemex, the agreement would maximize the refining margin, according to the configuration of refineries in each country. It would enable Mexico to reduce fuel oil production and high-sulphur content oil production and to cut oil transport costs. It would also enable Pemex to secure an oil export contract before the arrival of new competitors on the oil market (removal of Pemex's 75-year old monopoly on production). If approved, the swap would mark the erosion of Mexico's oil self-sufficiency and open the way for US oil exports despite a 40-year-old ban.