The production of hydrocarbons by Petróleos Mexicanos (Pemex) during 2024 reached 1 million 759 thousand barrels per day, which represented an annual decrease of 6.2%. This figure marks the largest setback since 2019 for the Mexican oil company. During December 2024, Pemex achieved an average daily production of 1 million 619 thousand barrels, reflecting a decline of 12.3% compared to the same month in 2023.
Specifically, the crude oil production of Pemex during 2024 was 1 million 484 thousand barrels per day, suffering an annual decrease of 6.5%. This production level represents the lowest in the last 45 years, going back to 1979 to find a lower figure. In addition, 274 thousand barrels per day of condensates were produced, representing a decline of 4.5% compared to the previous year.
Pemex faces significant challenges, as it has a debt of more than 400 billion pesos to suppliers and contractors, which is negatively impacting its exploration and hydrocarbon production operations. Rafael Espino de la Peña, president of the Mexican Association of Oil Service Companies (AMESPAC), pointed out in an interview that the production goal of 1.8 million barrels per day of hydrocarbons during Claudia Sheinbaum's term will be difficult to achieve due to lower investment in these activities and payment issues to suppliers and contractors.
On the other hand, Pemex's monthly report indicated that during 2024 the country sold an average of 806.2 thousand barrels per day of oil, which represented a decline of 22% compared to the previous year. Oil sales generated revenues of 20 billion 726 million dollars for the country, reaching its lowest level since 2020, during the pandemic. During 2024, the average selling price of Mexican crude oil was 70.24 dollars per barrel, a figure similar to that recorded in 2023.
