Introduction to Pemex and its Significance
Petróleos Mexicanos (Pemex), Mexico’s state-owned petroleum company, has experienced a significant decline in crude oil exports over the past few years. This article provides an in-depth analysis of Pemex’s 2025 export performance, its strategic shift, and the impact on the company’s revenue.
Export Trends in 2025
In 2025, Pemex exported an average of 580,621 barrels of crude oil per day, marking a 28% decrease from the previous year. This figure represents the lowest crude oil exports in Pemex’s history, with a 51% reduction since 2018.
Exports to the United States
Of Pemex’s total exports, 95% were directed to the United States. In 2025, these exports averaged 343,834 barrels per day, a 25% decrease from 2024 and a 49% drop since 2018.
Exports to the Far East
Pemex’s crude oil exports to the Far East, primarily to China, saw a 53% reduction in 2025, averaging 157,101 barrels per day.
Exports to Europe
Traditionally, Pemex has exported crude oil to European countries such as the United Kingdom, Spain, Germany, Italy, and the Netherlands. However, these exports decreased by 25% in 2025, averaging 343,834 barrels per day.
Strategic Shift and Future Goals
In August 2023, Pemex unveiled a 10-year strategic plan, aiming to reduce crude oil exports to 393,100 barrels per day by 2035 and to 487,900 barrels per day by 2026. Notably, the plan no longer includes a specific export reduction target.
Impact on Pemex’s Revenue
The strategic shift towards domestic refining has negatively affected Pemex’s revenue. Annual revenue from crude oil sales dropped by more than the volume reduction, with a 38% decrease in value to $12,951 million in 2025. This resulted in a loss of $7,868 million in annual revenue.
Regional Revenue Breakdown
- Americas: Revenue from crude oil exports to the Americas fell by 35% to $7,691 million.
- Europe: Revenue from crude oil exports to Europe decreased by 24% to $3,487 million.
- Asia: The most significant reduction was observed in Asia, with revenue dropping by 59% to $1,771 million.
Export Volumes in December 2025
In December 2025, Pemex’s crude oil exports reached their lowest volume since 1990, at 367,830 barrels per day. This represented a 54% decrease from December 2024 and a 69% reduction compared to December 2018.
United States Export Volumes
In December 2025, Pemex exported 224,447 barrels of crude oil per day to the United States, a 46% decrease from December 2024. This volume is also 60% lower than the same month in 2018.
Far East Export Volumes
December 2025 marked the first time in recent history that Pemex did not export crude oil to the Far East, with the last reported non-export to this region occurring in September 2012.
