Pemex's oil production continues to decline, highlighting Mexico's ongoing energy struggles despite the Olmeca refinery project.
Mexico ’s oil firm Pemex saw its oil production decline by 6% in August compared to August 2023 as outgoing Mexican President Andres Manuel Lopez Obrador has failed to turn around the fortunes of the heavily indebted state-owned company. Pemex produced a total of 1.77 million barrels per day bpd of liquids, which include crude oil and condensate, last month, down by 6% compared to August of last year, according to company data cited by Reuters. Crude oil production only averaged below 1.
Pemex said at the start of the refinery operations that the facility would produce 175,000 bpd of gasoline and 130,000 bpd of ultra-low sulfur diesel in August. But the refinery produced only 28,400 bpd of gasoline and 1,100 bpd of diesel last month, according to figures reported by Reuters. In June, sources familiar with the Olmeca refinery’s operations told Reuters that the facility is unlikely to be ready to produce commercial quantities of fuels by the end of this year.
Mexico Oil Production AMLO Olmeca Refinery Fuel Imports Energy Independence Lopez Obrador Sheinbaum Fitch Ratings
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