Introduction to Pemex’s Refining Operations in May 2025
In May 2025, Mexico’s state-owned oil company, Petróleos Mexicanos (Pemex), displayed mixed results in its refining activities. While the new Dos Bocas (Olmeca) refinery continued to increase its activity, albeit below target, four other Pemex refineries extended their downward productivity trends.
Olmeca Refinery Performance
The Olmeca refinery processed nearly 115,000 barrels of crude oil daily, which is 33.8% of its capacity, marking the highest level since it began operations in June 2024. This volume represents a 37% increase from the approximately 84,000 barrels observed in April, equating to nearly 31,000 additional barrels.
Declining Productivity in Other Refineries
Meanwhile, the Madero, Minatitlán, Salamanca, and Salina Cruz refineries experienced further productivity declines. Madero saw a five-month streak of downturns, Minatitlán extended its seven-month slump, Salamanca endured four consecutive months of decline, and Salina Cruz faced three months of decreased productivity.
Contrasting Results and Capacity Utilization
Despite these contrasting results, Pemex’s domestic refining system (excluding the Deer Park Texas refinery) saw a 9.9% increase in average daily crude oil processing to 925,000 barrels—46.7% of its capacity. However, this volume still falls short of the planned targets.
Unmet Targets and Olmeca Refinery Delays
Almost a year after the Olmeca refinery’s operations commenced, it and the other six Pemex-operated refineries have yet to meet the goals set at the end of the previous administration led by Octavio Romero Oropeza.
In July 2024, Romero Oropeza projected that by the first quarter of 2025, the six refineries under the National Refining System (SNR) would process one million 143,000 barrels of crude daily. The Olmeca refinery was expected to handle an additional 340,000 barrels (100% of its capacity). The combined target was one million 483,000 barrels daily, but May’s output still falls 37% short of this goal.
Challenges Faced by the Olmeca Refinery
The Olmeca refinery, which started operations more than two years late, has encountered various difficulties causing delays in its commissioning.
Pemex reported a temporary shutdown in late April due to a satellite communication failure. Earlier, the refinery experienced process activity interruptions in October 2024 and January-February of the current year, according to Pemex’s institutional database.
In May, the Olmeca refinery produced 106,700 barrels of crude daily, distributed as follows: 43,400 barrels of Magna gasoline, 50,200 barrels of diesel, and 12,300 barrels of coke.
Nationally, the production of distilled fuels reached 581,000 barrels daily, a 32% increase from May 2024. However, this figure remains 45% below the one million 50,000 barrels projected by the previous Pemex leadership for the first quarter of 2025.
During May, Pemex produced 328,000 barrels daily of gasoline, 215,000 barrels of diesel, and 38,000 barrels of turbofuel within Mexico.
