Regan Brown
The United States and Mexico have a robust energy trade relationship. In 2022, the US imported over 637 million barrels of Mexico's heavy crude oil, which is crucial to maintaining the efficiency of US refineries and energy security. This figure represented a 15% increase in 2023, with US crude oil imports from Mexico averaging 733,000 barrels per day. While the value of energy trade between the two countries decreased by almost 15% in 2023 due to lower fuel prices, Mexico remained a top source country for US gross petroleum imports that year.
| Characteristics | Values |
|---|---|
| Crude oil imports from Mexico to the US in 2022 | Over 637 million barrels |
| Crude oil imports from Mexico to the US in 2023 | 733,000 barrels per day |
| US crude oil exports to Mexico in 2022 | Over 1.8 billion barrels |
| US petroleum exports to Mexico in 2022 | $40 billion |
| US petroleum exports to Mexico in 2023 | $36 billion |
| US petroleum exports to Mexico in 2023 | 1.2 million barrels per day |
| US natural gas exports to Mexico in 2023 | 6.2 billion cubic feet per day |
| US electricity imports from Mexico in 2023 | 5.7 terawatthours |
| US electricity exports to Mexico in 2023 | 1.8 terawatthours |
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What You'll Learn
- The US imported 13 billion dollars worth of energy goods from Mexico in 2019
- US crude oil imports from Mexico were 733,000 barrels per day in 2023
- Mexico is the US's largest export market for petroleum products
- The US exports refined petroleum products to Mexico
- The US and Mexico trade electricity, with 0.14% of US consumption coming from Mexico
The US imported 13 billion dollars worth of energy goods from Mexico in 2019
In 2019, the US imported $13 billion worth of energy goods from Mexico, including crude oil, petroleum products, and natural gas. This accounted for 4% of all US imports from Mexico and represented a decrease from $14 billion in energy imports in 2018. The decrease in value from 2018 to 2019 can be attributed to a decline in crude oil prices, as crude oil imports from Mexico fell to $12 billion in 2019.
During the same period, the US exported $34 billion worth of energy goods to Mexico, resulting in a significant trade surplus in energy between the two countries. The value of US petroleum product exports to Mexico has increased substantially over the years, rising from $7 billion in 2009 to nearly $30 billion in 2019. This makes petroleum products the largest component of energy trade between the US and Mexico.
Natural gas trade between the US and Mexico is primarily conducted through pipelines, with an average of 5.5 billion cubic feet per day being exported from the US to Mexico in 2019. Additionally, the US exports liquefied natural gas (LNG) and, less commonly, delivers natural gas by truck.
In terms of electricity trade, while it only accounts for a small portion of the overall energy trade, there is some exchange between the US and Mexico. In 2023, US electricity imports from Mexico increased by 20% to 5.7 terawatthours (TWh), while US electricity exports to Mexico decreased by 65% to 1.8 TWh, resulting in a net trade deficit for the US.
The energy trade between the US and Mexico is subject to various factors, including commodity prices and the volume of commodities traded. Overall, the US-Mexico energy trade is dynamic and influenced by market conditions, demand, and supply capabilities.
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US crude oil imports from Mexico were 733,000 barrels per day in 2023
In 2023, US crude oil imports from Mexico were 733,000 barrels per day, a 15% increase from 2022. Despite this increase in volume, the value of US crude oil imports from Mexico decreased by 4% in 2023 compared to 2022. This discrepancy can be attributed to the decline in global crude oil prices, with the Brent crude oil spot price averaging $82.41 per barrel in 2023, significantly lower than the $100.94 per barrel price in 2022.
The United States has a significant relationship with Mexico in terms of energy trade. While the US imported crude oil from Mexico, it is important to note that the US is the world's largest producer of crude oil, with a production capacity of about 12.108 million barrels per day. The US also exports petroleum products to Mexico due to its aging refinery system, which struggles to meet domestic demand. This dynamic illustrates the complex nature of energy trade between the two countries.
Mexico is a crucial source of crude oil for the United States, and this import volume positions it as one of the top five source countries for US gross petroleum imports. In 2019, the US imported $13 billion worth of energy goods from Mexico, with crude oil being a significant component. However, it is worth noting that the value of US energy exports to Mexico exceeded the value of energy imports in the same year.
The energy trade between the United States and Mexico is not limited to crude oil. The two countries also exchange petroleum products, natural gas, and electricity. In 2023, Mexico was the largest export market for US petroleum products, such as gasoline, diesel fuel, and propane. This trade relationship is influenced by Mexico's aging refinery system, which cannot keep up with the demand for petroleum products domestically.
While the US-Mexico energy trade is substantial, it is just one aspect of the United States' broader energy landscape. In 2023, the United States imported approximately 8.51 million barrels per day of petroleum from 86 countries. This included not only crude oil but also hydrocarbon gas liquids, refined petroleum products, and biofuels. The US also exported about 10.15 million barrels per day of petroleum to 173 countries and three US territories, demonstrating its position as a significant player in the global energy market.
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Mexico is the US's largest export market for petroleum products
The US imports a significant amount of fuel from Mexico, with Mexico ranking as one of the top five source countries for US petroleum imports in 2023. In 2019, the US imported $13 billion worth of energy goods from Mexico, including crude oil, petroleum products, and natural gas. While the value of US crude oil imports from Mexico decreased from $14 billion in 2018 to $12 billion in 2019, petroleum products such as gasoline and distillate fuel oil still account for a significant portion of US energy exports to Mexico.
Despite the fluctuations in the value of energy trade between the two countries, Mexico remains the largest export market for US petroleum products. In 2023, US petroleum product exports to Mexico averaged 1.2 million barrels per day, a 1% increase from 2022. This made up 87% of total energy exports from the US to Mexico that year. The US is able to meet more than half of Mexico's gasoline consumption.
Mexico's aging refinery system contributes to its position as the largest export market for US petroleum products. The country struggles to maintain the output required to meet its domestic demand for petroleum products. As a result, Mexico relies on imports of gasoline, diesel fuel, and propane from the US.
The US-Mexico energy trade also includes natural gas and electricity. Natural gas trade is dominated by pipeline shipments from the US to Mexico, with a record amount exported in 2023. While electricity trade between the two countries is relatively small, it is significant in states like California, New Mexico, and Texas, where transmission lines cross the US-Mexico border.
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The US exports refined petroleum products to Mexico
The US has been a net exporter of petroleum since 2020. In 2022, the US exported about 9.52 million barrels per day (b/d) of petroleum to 173 countries and 3 US territories. In 2023, this figure increased to 10.15 million b/d.
Mexico has been a key market for US petroleum product exports. In 2019, the US exported $34 billion worth of energy goods to Mexico, including $29 billion worth of petroleum products. US gasoline exports supply more than half of Mexico's gasoline consumption. In 2023, Mexico was the largest export market for US petroleum products. The US exported petroleum products such as gasoline, diesel fuel, and propane to Mexico. This is due to Mexico's ageing refinery system, which struggles to maintain the output needed to satisfy its domestic demand for petroleum products.
The trade relationship between the US and Mexico is not entirely one-sided, however. In 2019, the US imported $13 billion of energy goods from Mexico, including $12 billion worth of crude oil. In 2023, US crude oil imports from Mexico averaged 733,000 barrels per day (b/d), 15% more than in 2022. Despite the increased import volumes, lower crude oil prices reduced the value of US crude oil imports from Mexico by 4% in 2023 compared to 2022.
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The US and Mexico trade electricity, with 0.14% of US consumption coming from Mexico
The United States and Mexico have a long history of energy trade, with US companies investing in Mexican oil reserves in the early 20th century. In 2019, the US imported $13 billion worth of energy goods from Mexico, including crude oil, petroleum products, and natural gas. The same year, the US exported $34 billion worth of energy products to Mexico, including petroleum products such as gasoline, diesel fuel, and propane. This made Mexico the largest export market for US petroleum products.
However, the bilateral energy trade between the two countries experienced a setback in 2019 due to the focus of the Andrés Manuel López Obrador administration on energy sovereignty. In 2020, the COVID-19 pandemic further impacted their energy relations. Despite these challenges, the US and Mexico continue to trade electricity. In 2023, 0.14% of US electricity consumption came from Mexico. This small amount of electricity is primarily imported into states such as California, New Mexico, and Texas, where transmission lines cross the US-Mexico border.
While the US-Mexico energy trade is significant, it has also faced challenges. In 2023, the value of all energy trade between the two countries decreased by almost 15% from the previous year, due to lower fuel prices. Additionally, there have been disputes over Mexico's curbs on genetically modified corn imports, with the US arguing that the ban violates Mexico's obligations under the USMCA trade pact. These disputes have escalated under the Biden administration, impacting trade relations between the two countries.
Despite these challenges, the US and Mexico continue to have a close energy relationship, with Mexico being a significant market for US petroleum products and a source of crude oil and natural gas imports for the US. The energy trade between the two countries is expected to continue evolving, influenced by factors such as fuel prices, policy decisions, and technological advancements in the energy sector.
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Frequently asked questions
The US imported an average of 733,000 barrels of crude oil per day from Mexico in 2023, which was 15% more than in 2022.
The US exported over 1.8 billion barrels of refined petroleum products to Mexico in 2022. In 2023, the US did not export any crude oil to Mexico, but it did export petroleum products such as gasoline, diesel fuel, and propane.
The value of energy trade between the US and Mexico was $66.5 billion in 2023, a decrease of almost 15% from 2022.
The US benefits from importing heavy crude oil from Mexico because it keeps refineries efficient, maintains energy security, and helps meet current production levels.
