EconomyFinancialPemex advances in its goal and reports its highest...

Pemex advances in its goal and reports its highest gasoline production since 2017

The state-owned Pemex has not been able to meet its crude production targets, but it made progress in its goal of increasing gasoline production and, last year, raised this figure to levels not seen since 2017.

The oil company reported a production of 232,000 barrels per day of gasoline, an increase of 25% compared to a year earlier, when it produced 186,000 barrels per day, according to statistics published this afternoon by the state company. The company has placed fuel production at the center of its strategy, despite being considered a not-so-profitable activity and pointed out by analysts as a strategy that may not be sustainable in the long term.

Pemex managed to increase gasoline production at its six refineries without making a big cut in its exports. President Andrés Manuel López Obrador has assured that the latter will be gradually reduced to give priority to national demand and refinery consumption. The plan states that the state company will stop exporting oil in 2023.

During last year, Pemex averaged exports of 1,018 million barrels per day, a decrease of 9% -equivalent to 102,000 barrels- compared to a year earlier.

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