Overview of Pemex’s Export Performance
In the first eleven months of 2025, Petróleos Mexicanos (Pemex) exported an average of approximately 601,000 barrels of crude oil daily. This represents a 25.5% decrease compared to the same period in previous years, marking the lowest export levels in over three decades. Consequently, Pemex has experienced its second consecutive year of reduced crude oil exports.
New Business Strategy and Impact
Pemex’s new business strategy focuses on increasing domestic refining to boost the production of fuels for the national market. However, this shift coincides with a decrease in crude oil availability due to lower production rates. The decline in exports also corresponds with a drop in the price of Mexico’s export blend, which averaged $61.5 per barrel in 2025 – a 13.1% decrease from the $70.8 per barrel average in the same period of 2024.
Financial Implications
With lower volumes and selling prices, Pemex’s crude oil export revenues plummeted by 35.4% to $12,337 million – the lowest amount in at least two decades. Despite this, Pemex highlights internal sales as a stable and permanent income source, contributing to its financial strength.
Export Sales as a Percentage of Total Income
By the third quarter of 2025, export sales accounted for 35% of Pemex’s nearly $380 billion in revenue, a five-percentage-point decrease from the same period in 2024. Nevertheless, reduced dollar generation by Pemex – as most of its debt is denominated in US dollars and a significant portion of its operational expenses are in US currency – may still impact the company.
Decreased Production
Lower Availability of Crude Oil
The reduced crude oil exports coincide with lower availability. By November, Pemex’s liquid hydrocarbon pumping (crude oil + condensates) dropped 7.8% to 1.633 million barrels daily, the lowest level since 1979. Excluding condensates, crude oil pumping fell 8.7% to 1.366 million barrels, while condensate extraction decreased by 3% to 267,000 barrels daily.
Decline in Production Factors
The production decline is attributed to the natural depletion of mature fields in Pemex’s portfolio and outstanding payments to suppliers, which reportedly led to a significant reduction in drilling activities throughout 2025 due to outstanding debts with service providers.
Payables to Suppliers
By September, Pemex had settled nearly $300 billion in payables to suppliers, with plans to accelerate payments thanks to a $250 billion Banobras fund announced in August. Despite these payments, supplier payables rebounded to $517,098 million by the third quarter of 2025 – a 2.2% increase from $505,989 million at the end of 2024.
Key Questions and Answers
- What is the main reason for Pemex’s reduced crude oil exports? The decrease in exports is due to a new business strategy focusing on domestic refining and lower crude oil availability from reduced production rates.
- How has Pemex’s financial performance been affected by these changes? Although revenues from crude oil exports have dropped significantly, Pemex emphasizes the stability of internal sales as a key financial strength.
- What factors have contributed to the decline in Pemex’s production? The natural depletion of mature fields and outstanding payments to suppliers have led to decreased production.
- How has Pemex managed its payables to suppliers amidst these challenges? Despite settling significant payables, Pemex still faces an increase in supplier debt due to ongoing financial pressures.
