Mexico’s upstream outlook sours as Dos Bocas gets off the starting block

Nigeria’s Dangote refinery has been ramping up operations throughout 2024 to date, however the baton of market interest will now pass on to Dos Bocas. Mexico’s quest for self-reliance, as manifested by the 340 kbd Olmeca refinery, has been making great strides lately. The Dos Bocas plant has largely disappeared from the media landscape for several months, right after Pemex’s crude export cuts of April-May that ultimately were only a fraction of the market impact they could have been. However, a flurry of news from Dos Bocas has indicated that this year still is set to see a notable improvement in Mexican runs by Q4.