Shale Boom in North America Forces Mexico to Sell Elsewhere

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Anthony harrup, Shale Boom Forces Pemex to Find New Buyers. Wall Street Journal, Jan 24, 2014.
online.wsj.com/news/articles/SB10001424052702304856504579338512815579366

Quote:

"For decades, Mexico's state oil company, Petróleos Mexicanos, had the best customer an oil company could want: the US. But now the US energy boom is curtailing the country's demand for imported oil, and Pemex is being forced to look farther afield.

"For the first time, the company is negotiating to sell its extra-light Olmeca crude oil in Europe, according to Pemex officials. The first shipment will go out in the second half of February to the Cressier refinery in Switzerland, the company said.

"The US [now] gets around 78% of Pemex's crude exports * * * But the growing supply of light oil from south Texas means that refiners along the U.S. Gulf Coast are turning away from importing similar types of crude from Mexico and West Africa.

Note:
(a) There is no need to read the rest.
(b) petroleum
http://en.wikipedia.org/wiki/Petroleum
("84 percent by volume of the hydrocarbons present in petroleum is converted into energy-rich fuels (petroleum-based fuels), including petrol, diesel, jet, heating, and other fuel oils, and liquefied petroleum gas.[36] The lighter grades of crude oil produce the best yields of these products")