MEXICO CITY (AP) — The U.S. has given Mexico final permission to import about 75,000 barrels of light crude per day from north of the border.
In return, Mexico will send heavier crude to U.S. Gulf coast refineries. The permit applies for one year.
Mexico’s state-owned Pemex oil company said Wednesday the arrangement will allow better logistics and refinery use, and reduce transport costs.
Mexico is a major crude oil exporter, but sometimes is squeezed to produce refined products like gasoline.
In August, the U.S. lifted a decades-old ban on crude oil exports.