In 2024, the seven refineries of Petróleos Mexicanos (Pemex) in Mexico processed 905.6 thousand barrels of crude oil per day, the highest amount since 2016. This 14% increase compared to 2023 is largely attributed to the start of operations at the Dos Bocas refinery in Tabasco.
According to data collected by Bloomberg, in the last quarter of 2024, the crude oil processing capacity reached its peak, with a utilization rate of 44.5%. However, Dos Bocas had a lower performance in December, processing 27% less oil per day than in November.
The seven refineries together have a processing capacity of nearly 2 million barrels of oil per day. Among them, Salina Cruz led production with 178,101 barrels daily, followed by Tula with 162,330 barrels and Salamanca with 130,220 barrels.
The Dos Bocas refinery has become a challenge, with issues in accelerating its production and completing construction. This delay adds to the financial challenges faced by Pemex, which is seeking to reduce its debt and increase production while facing difficulties with the mentioned refinery.
Uncertainties persist regarding Mexico's crude oil export strategy to the United States and the reimportation of finished fuels, given the limited operation of its refineries. These challenges add to the financial commitments associated with costly projects like Dos Bocas, which has yet to be completed.
The pressure intensifies with the threat of tariffs from the United States, making it more urgent to activate the facilities and increase fuel production. The production of gasoline and diesel at Dos Bocas remains crucial for Pemex and the energy future of Mexico.
