I posted the headlines earlier that Mexico’s state-owned oil company, Pemex, is actively seeking new crude oil buyers in Asia and Europe, including China, India, South Korea, and Japan, after Trump imposed a 25% tariff on Mexican crude imports.

Previously, the United States accounted for 57% of Pemex’s oil exports, but with the new tariffs in place, the company is looking to diversify its market. While some Mexican crude has already been shipped to Europe and Asia, Pemex is now engaging in talks to redirect larger volumes, with potential Chinese buyers expressing strong interest.

Despite market speculation, Pemex has ruled out offering discounts to U.S. buyers to offset the tariffs. Instead, the company plans to fulfill current contracts until expiry before redirecting shipments to new markets.

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Sending crude to Asia and Europe will come with higher shipping costs and logistical adjustments for Pemex.