Crude oil exports from Mexico’s state energy company Pemex fell 37% year-on-year in June, with production of liquid hydrocarbons declining to its lowest rate this year. Pemex reported a $14 billion net loss in the second quarter and exported 754,367 barrels per day (bpd) of crude in June, down from 1.203 million bpd in June 2023 and a 17% decrease from May’s 910,791 bpd.
Liquid hydrocarbon production with partners was at 1.782 million bpd in June, compared to 1.785 million bpd in May and 1.889 million bpd a year ago. Crude oil production alone was 1.50 million bpd in June, the lowest levels in over four decades, attributed to the depletion of key fields. Pemex aims to reduce fuel imports as local refineries process more crude oil, with the new Olmeca refinery expected to process 100,000 bpd starting in July.
The older refineries processed an average of 867,615 bpd in June, still falling short of the government’s pledge of 1 million bpd. Gasoline production increased by 4.5% compared to May, while diesel production rose by 9.7%.