In January 2025, Mexico’s state-run oil company, Pemex, reported a significant drop of 44% in crude oil exports compared to the same month last year. The average exports were 532,404 barrels per day, the lowest since records began in January 1990.
Sales to the Americas, especially the United States, were greatly affected, with January exports reaching 320,944 barrels per day, a 36% decline from the previous year.
Pemex’s CEO, Victor Rodriguez, mentioned challenges concerning the quality of crude oil, particularly issues with high levels of salt and water. These quality problems have led to complaints from customers. Rodriguez assured that the company is working on these issues and that they haven’t impacted overall export levels.
In addition to the drop in exports, Pemex also reported a 12% decrease in crude oil and condensate production, averaging 1.62 million barrels per day in January. However, gasoline production did increase, and imports dropped by about 23% compared to January 2024.
Pemex’s refineries processed 886,787 barrels per day across their seven facilities in January, which is a 7% decline. The new Olmeca refinery, capable of processing 340,000 barrels per day, did not contribute to production during the month.
These challenges come as Pemex deals with issues like declining major oil fields in the Gulf of Mexico and the underperformance of new oil discoveries. While efforts are ongoing to improve refining processes, Mexico still depends on fuel imports to meet local demand.
The drop in exports is also affecting Pemex’s finances, especially as the company manages a large amount of debt owed to suppliers, which has impacted production capabilities.
As Pemex works through these operational and financial issues, the company aims to stabilize production and improve the quality of its crude oil to meet both local and international market needs.
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