The Unfolding Controversy
The controversy surrounding Pemex’s oil exports to Cuba has intensified, with the New York-based news agency Bloomberg revealing that Pemex has halted shipments to the Caribbean island nation. Mexico’s President Claudia Sheinbaum neither denied nor confirmed this information, stating that if true, it would be a sovereign decision. She later clarified that Pemex might cease oil exports but would continue humanitarian aid, possibly in crude form.
Pemex’s Export Statistics: A Closer Look
In Pemex’s year-end oil export statistics, a significant figure emerged: zero. This marked the first time in available records for crude oil exports to the Far East.
- In December 2025, Pemex reported no revenue from crude oil exports to the Far East.
- A year prior, Pemex earned $399 million from these exports.
- In 2025, Pemex’s total revenue from oil sales to this economically active region amounted to $1,772 million.
Is this a sign of our departure as oil exporters?
Pemex’s export revenues have plummeted across various regions. In December, crude oil exports to Europe fell from $436 million to $234 million, while in the Americas, they dropped from $823 million to $380 million.
Challenges Facing Pemex
- External pressures: The global decline in crude oil prices, ongoing since nearly three years, has reduced the Mexican export blend’s price from $69 to $58 per barrel.
- Internal issues: With workers facing uncertainty regarding payment for their services, Pemex’s oil production has decreased from 1.7 to 1.6 million barrels per day.
- Governmental policies: The government’s strategy to offset overseas sales shortfalls by increasing domestic fuel consumption has further strained Pemex’s finances.
President Andrés Manuel López Obrador acknowledged the better business prospects of selling oil to Mexicans, converting it into gasoline, rather than to foreign buyers haggling over prices.
The automotive fuel sales sector has been a bright spot for Pemex, generating 473 million pesos in December—an increase of 3 million pesos from the previous year. However, the government collected 405 million pesos in taxes (IEPS) from car users between January and November 2025, a 43 million pesos increase from the same period in 2024.
The Road Ahead
As Mexicans continue to trust the government to manage the petroleum industry effectively, Pemex’s financial situation remains precarious. The company’s mounting debt and diminishing resources suggest it will inevitably reduce exports to countries like Cuba, China, and others as its supplies dwindle.
Have you noticed Grupo Carso acquiring Mexican assets from Russia’s Lukoil?
Key Questions and Answers
- Q: What is the controversy surrounding Pemex’s oil exports to Cuba? A: The controversy stems from Bloomberg’s report that Pemex has ceased shipping oil to Cuba, with President Claudia Sheinbaum neither confirming nor denying the information.
- Q: How have Pemex’s export statistics been affected? A: Pemex reported zero revenue from crude oil exports to the Far East in December 2025, a stark contrast to $399 million earned in December 2024 and $1,772 million in total 2025 revenue from oil sales to the region.
- Q: What challenges is Pemex facing? A: External factors like declining global oil prices, internal issues such as worker uncertainty, and government policies promoting domestic fuel consumption have all contributed to Pemex’s struggles.
- Q: What does the future hold for Pemex? A: With mounting debt and diminishing resources, Pemex is likely to reduce exports to countries like Cuba and China as its supplies dwindle.
