The Growing Debt and Its Impact
Pemex’s debt to its suppliers has escalated from 88,791 million pesos in April 2023 to 148,281 million pesos by April 2024. By the end of March 2025, it had risen to approximately 405,000 million pesos. This unresolved debt has become one of the most concerning issues in Mexico’s economic landscape.
Discrepancy in Payment Progress
The Mexican Federal Government claims a 60% progress in settling these debts, while Pemex’s first-quarter 2025 report indicates a progress of around 20%. The drastic drop from 60% to 20% in just a few months seems unlikely, given Pemex’s ongoing severe crisis and the government’s focus on reducing a nearly 2-trillion-pesos deficit left by the López Obrador administration.
Financial Constraints and Historical Context
Despite the financial strain, Pemex’s investment budget for 2025 stands at a mere 211,000 million pesos, the lowest since the start of the century. This is a stark contrast to the 615,000 million pesos allocated in 2014. The unpaid supplier debts became news at the end of the previous administration and remain a contentious issue in the current one, particularly affecting oil-rich states like Veracruz and Tabasco.
Supplier Associations Raise Alarms
This week, the Mexican Association of Oil Services Companies (Amespac) issued a distress signal, stating that its members are owed 50,000 million pesos. If unresolved, they may cease services to Pemex within the coming weeks. Amespac’s grievances include non-payment and malfunctioning payment coding systems, causing further distress for suppliers.
Constructor Companies Join the Fray
In response to Amespac’s demands, some constructor companies affiliated with the Mexican Institute of Constructors (CMIC) have joined the call for payment. They claim an outstanding amount of 3,000 million pesos, though the actual figure could be higher due to reluctance from some companies to disclose their information.
Government’s Response and Rising Risks
The government acknowledges the severity of the situation but remains unable to resolve it due to competing priorities such as social programs, current spending, debt servicing, and new projects. As time passes, risks escalate for both suppliers and Pemex.
- Supplier Risks: If the payment issue remains unresolved, suppliers could face mass business closures, job losses, and supply chain disruptions.
- Pemex Risks: The lack of payment could lead to the suspension of essential services for oil and gas production and distribution, impacting production levels and financial obligations.
Implications for Mexico’s Economy
Pemex’s predicament directly affects Mexico’s public finances and economy, as it remains the country’s largest company despite reduced contributions. Its issues influence sovereign debt investment resolution and parts of the GDP. This situation echoes a recurring, unfavorable narrative rather than a fresh challenge.
