Pemex reported a rebound in crude oil exports for February, but deeper production challenges remain.
Here are key facts to help you understand the current state of Mexico’s state-owned oil company:
Pemex increased exports in February
Crude oil exports rose by 33% compared to January, totaling 709,793 barrels per day, showing a recovery after a significant slump, according to Reuters.
Exports still lag behind last year’s levels
Despite the monthly improvement, February exports were still 25% lower than in February 2024, reflecting ongoing production challenges.
Most exports went to the U.S.
Roughly 60% of the oil sold abroad in February was shipped to the United States, mostly made up of Maya heavy crude.
Pemex is diversifying its markets
The company is now actively seeking new buyers for its oil and fuel, aiming to reduce reliance on a few destinations.
Production remains under pressure
Although there was a small monthly increase in output, overall crude and condensate production dropped 10.5% year-over-year, mainly because of declining performance in mature fields.
Refining activity rose slightly
Pemex processed 898,153 bpd of crude in its domestic refineries in February, a modest 0.8% monthly increase.
Olmeca refinery far from full capacity
The new Olmeca refinery, designed for 340,000 bpd, processed just 6,797 bpd in February, after sitting idle in January due to salinity issues in the crude.
Gasoline production up, imports down
Pemex produced more gasoline (up 8% compared to last year) and reduced imports by 33%, aiming for greater self-sufficiency in fuel.
Pemex faces heavy financial strain
The company is managing nearly $98 billion in financial debt and $25 billion in supplier obligations, though it recently paid $7.31 billion to suppliers, according to President Claudia Sheinbaum.
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