Mexico’s President Sheinbaum Announces 1 Million Barrel Oil Export Deal with Japan’s Prime Minister Kishida
- Mexican President Claudia Sheinbaum announced on Thursday that Mexico will export one million barrels of crude oil to Japan following an agreement reached during telephone talks with Japanese...
- The decision comes after Japan requested crude oil supply from Mexico's national oil company, Pemex, to diversify its energy sources amid concerns over supply disruptions in the Strait...
- Japan relies on the Middle East for more than 90 percent of its crude oil imports, making it vulnerable to regional instability.
Mexican President Claudia Sheinbaum announced on Thursday that Mexico will export one million barrels of crude oil to Japan following an agreement reached during telephone talks with Japanese Prime Minister Sanae Takaichi.
The decision comes after Japan requested crude oil supply from Mexico’s national oil company, Pemex, to diversify its energy sources amid concerns over supply disruptions in the Strait of Hormuz, a critical waterway for Middle Eastern oil exports.
Japan relies on the Middle East for more than 90 percent of its crude oil imports, making it vulnerable to regional instability. The export agreement aims to strengthen Japan’s energy security by reducing dependence on a single region.
During the same conversation, President Sheinbaum and Prime Minister Takaichi agreed to enhance bilateral cooperation in energy supply, particularly in light of the ongoing crisis involving Iran, which has heightened global energy market volatility.
Mexico produces approximately 1.8 million barrels of crude oil per day, with 400,000 to 500,000 barrels typically allocated for exports after domestic consumption. The country has previously exported oil to Japan, though recent declines in domestic output due to natural depletion at mature fields and limited new investment have raised questions about sustainable export capacity.
President Sheinbaum did not specify a timeline for the delivery of the one million barrels, noting only that the agreement was finalized in their discussion on Tuesday. The export will be facilitated through Pemex, Mexico’s state-owned petroleum company.
The move reflects broader efforts by Japan to secure stable energy suppliers amid global market uncertainty, including active exploration of partnerships beyond traditional Middle Eastern sources. Mexican officials have indicated openness to expanding crude oil exports to Japan in the future, contingent on domestic production levels and refinery needs.