During 2024, Mexico achieved oil export revenues amounting to 20 billion 726 million dollars. This figure represents a third of the annual remittances received in the country during the same year. Despite a 22.5 percent decrease in oil export revenues, they remain an important source of foreign currency capture.
In the previous year, Mexico exported 806 thousand barrels per day of crude oil, mostly distributed in the American continent (57 percent), Europe (21.9 percent), and the Far East (21 percent). Although Pemex does not publicly disclose the destinations of these exports for confidentiality, the Bank of Mexico records the countries to which the most is exported.
The United States emerges as the main buyer, absorbing 63 percent of Mexican oil exports, with a value close to 16 billion dollars. In January, approximately 319 thousand barrels per day of crude oil were exported solely to the United States, according to data from the Energy Information Administration.
Other notable buyers include the United Kingdom, with exports of around 5 billion dollars, representing 19 percent of the total. Additionally, countries such as Spain (14.4 percent), India (5.6 percent), China (2.6 percent), Italy (1.8), Germany (1.4), and others are listed among the buyers.
Domestically, President Claudia Sheinbaum mentioned during her morning conference that Mexico will cease oil exports when the Dos Bocas refinery is operating at maximum capacity. She acknowledged that the Olmeca refinery faces difficulties that affect its operation, especially related to the salinity of the crude. Sheinbaum is confident that these problems will be resolved, and once resolved, all production will be allocated for domestic consumption.
