Official data revealed that the Mexican state energy company Pemex increased its crude oil exports in May after a significant drop a month before. It returned to levels more similar to their monthly average.

Pemex exports 910,801 barrels of oil per day (bpd), up 34% compared to April. This is after the company reversed its original plan to reduce exports to ensure that it could feed six refineries in Mexico and Olmeca's refinery at Dos Bocas.

Pemex's abrupt reversal in its export cut for May was after it had made significant cuts for April, which were implemented.

The company published data late Monday showing that the combined processing at its six local refineries was 842,043 BPD in the fifth of the year, the lowest level of this year.

Pemex, which is heavily indebted and has a high debt load, struggles to refine crude oil despite billions of dollars invested under the current president Andres Lopez Obrador.

Octavio Romero, CEO of Olmeca, said that the new refinery will be operating at full capacity by next month.

Sources told us that the refinery was still far from being ready, despite all of its promises.

Pemex, with less gas being processed in Mexico, increased its imports in May, to 670,000 bpd. This is 11% higher than April.

Pemex has produced 833.280 bpd in refined petroleum products. This includes gasoline, diesel, but also fuel oil. It is 11% lower than April, and the lowest production this year.

The average crude oil and condensate output for the month was 1.79 million barrels per day, which is lower than the annual average. Crude oil production, however, increased to 1.51 millions bpd. (Reporting and editing by Ana Isabel Martinez, Marguerita Chy and Stefanie Eschenbacher)