The Mexican oil company, Petróleos Mexicanos (Pemex), has decided to cut its crude oil exports by 34.6 percent for the year 2025. This reduction, requested by Pemex Producción, will result in the export of 527 thousand barrels per day of crude oil, including crude from different regions. If this measure is implemented, 2025 will mark the year with the lowest level of crude oil exports abroad in all recorded history.
So far this year, a clear downward trend has been noticed in the sales of Mexican oil, with an average export of 664.4 thousand barrels per day in the first quarter, representing a reduction of 22.6 percent compared to the previous year. This has generated a significant decrease in the country's revenues, reaching 3 billion 954 million dollars in the period from January to March of this year, which represents a decrease of 30.1 percent year-on-year.
Furthermore, the average export price of Mexican crude oil is currently 8.8 percent lower than last year, with an average sale of 66.3 dollars per barrel. National oil production is going through its most challenging period, with a sharp decline caused by the depletion of mature fields. In March, Pemex produced a total of 1 million 344 thousand barrels per day of crude oil, reflecting a drop of 12.2 percent compared to the previous year and marking its lowest level to date.
Despite these difficulties in oil production and sales, Mexico continues to send support to Cuba. In 2024, 20.1 thousand barrels per day of crude and 2.7 thousand barrels per day of petroleum products were exported, generating a total of 12.7 billion pesos. These exports represented 2.8 percent of the total crude oil exports and 0.7 percent of the petroleum products sales in Mexico. Crude exports to Cuba experienced an annual increase of 19.6 percent, reflecting the Mexican Government's commitment to the island.
Amid this complex landscape, Mexico continues to send oil shipments to Cuba through Gasolinas Bienestar SA de CV, demonstrating the country's ongoing support for its Caribbean neighbor.
