US and Mexico approve crude swap arrangement

The US is going to allow Mexico to import approximately 75,000 barrels of light crude per day from north of the border, and, in return, Mexico will send heavier crude to US Gulf Coast refineries, according to the Associated Press.

The US-granted permit applies for one year, and Mexico's PEMEX expects that the arrangement between the US and Mexico will enable better logistics and refinery use, and reduce transport costs.

In January, PEMEX proposed importing approximately 100,000 barrels of light US crude per day to mix with Mexico’s heavier oil in order to improve refinery processes. The proposal aimed at trading Mexico's heavier crude for light US crude.

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