Mexican Diesel, Crude Exports to Europe Surge as Regional Supply Tightens
Mexico is sending unusually large volumes of diesel and crude to Europe as the region’s tightening supply balance pulls barrels from increasingly distant sources, with August diesel shipments marking a sharp increase from the sporadic flows seen in recent years.
According to Vortexa ship-tracking data, nearly 792,000 bbl of diesel and gasoil loaded in Mexico for European destinations so far in 2026, more than six times the volume recorded during all of 2025.
The increase is notable against the longer-term trend. Vessel records show an average of about 375,000 bbl/year moving from Mexico to Europe between 2016 and 2026, with volumes reaching 985,000 bbl in 2024 before falling to about 120,000 bbl in 2025.
August has been particularly active. The CEDAR EXPRESS loaded 242,000 bbl of diesel at Dos Bocas on Aug. 10 for Fos-sur-Mer, France, while the ACACIA loaded about 285,000 bbl at Dos Bocas in late July for Naples, Italy.
The flows come as European diesel markets face increasing supply pressure from refinery maintenance and declining domestic production, supporting transatlantic arbitrage opportunities.
Mexico is an unusual source of supply for Europe, as Pemex remains structurally short of fuel and still relies heavily on imports to meet domestic demand. Export economics therefore need to be strong enough to pull barrels away from the domestic market.
The recent flows suggest those economics have improved, with Mexican barrels reaching both Northwest Europe and the Mediterranean as traders look to increasingly distant sources to cover Europe’s tightening diesel balance.
The Dos Bocas refinery is not connected to Pemex’s national pipeline network, limiting options for moving products produced at the facility into the domestic distribution system and making exports an outlet for some barrels, according to vessel-tracking records.
The shift is not limited to refined products. Mexico’s crude export flows are also increasingly favoring Europe, highlighting a broader change in the destination of Mexican products.
Historically, Pemex has sent most of its crude to the U.S., but the gap between volumes shipped to the U.S. and Europe has narrowed sharply in 2026, Pemex records show.
During the first six months of the year, Pemex exported an average 105,111 b/d of crude to the U.S. and 89,850 b/d to European destinations. Europe overtook the U.S. as the main destination for Mexican crude in May, when Pemex shipped 226,845 b/d to Europe versus 188,749 b/d to the U.S. The flow to Europe declined in July but remained higher than shipments to the U.S., at 214,273 b/d versus 189,942 b/d sent to Europe
The figures contrast with flows in previous years. In 2022, Mexico sent 7.1 times more crude to the U.S. than to Europe, while in 2023 the ratio was 5.6 to 1, according to an OPIS analysis of Pemex records.
By 2025, the gap had narrowed to 2.7 times, as policies under President Claudia Sheinbaum focused on reducing crude exports to increase feedstock availability for Mexico’s refineries.
The shift toward Europe comes as Mexico’s overall crude exports recover from historically low levels. Exports reached 565,665 b/d in June, up 23.5% from a year earlier, after falling to 294,453 b/d in January, the lowest monthly level on record.
The changing destination mix suggests that as Mexican export volumes recover, European demand is playing an increasingly important role in absorbing both crude and refined products.