Pemex Crude Oil Production Falls 5.6% in September

Mexico's state energy company Pemex produced 5.6% less crude oil and condensate year-on-year in September, an average 1.65 million barrels per day (bpd), according to data it released late on Tuesday.

The heavily-indebted driller has struggled to boost production, despite cash injections and tax relief since the previous administration, as many fields are being depleted and new discoveries have not managed to make up for this.

Crude oil processing at the seven local refineries increased 7.7% year-on-year in September to 949,772 bpd but remained almost 10% below August levels.

The seven refineries are collectively running at 68% of their joint capacity, which Pemex recently adjusted to 1.4 million barrels per day (bpd).

This downward adjustment came despite the new Olmeca refinery in the port of Dos Bocas starting up, and billions of dollars being invested in various upgrades elsewhere.

Olmeca, which began operations in mid-2024 with planned capacity of 340,000 bpd, processed 194,874 bpd in September, the most to date.

Total petroleum product output rose nearly 13% year-on-year to 1.02 million bpd, with gasoline up 27% to 361,689 bpd, diesel up 52% to 248,958 bpd, and fuel oil down 40%.

Meanwhile, crude oil exports fell by 13% year-on-year to 570,499 bpd, as the government aims to prioritize domestic refining.

Imports of refined petroleum products fell nearly 18% overall, with gasoline imports down 12% to 340,740 bpd and diesel imports down 61% to 59,493 bpd in September.

(Reuters)