EconomyFinancialPemex crude oil production does not pick up and...

Pemex crude oil production does not pick up and adds five months down

Pemex moves away from its goals again. Despite the presidential speech, the state company’s oil production has fallen for five months and confirms a downward trend, according to the latest report from the National Hydrocarbons Commission, the oil regulator.

The company, which has continuously reduced its goals, added an oil production of 1,545 million barrels per day in February. This figure only takes into account the fields that are operated by the state company.

The figures presented by the regulator have a certain variation with respect to those published by the state company on a monthly basis, as the company does.

But based on the Commission’s numbers, Pemex’s production is set to be even lower than that registered in July 2020, when the state-owned company reported its lowest production in 41 years.

The administration of the state oil company maintains that there is a recovery in production, but the figures show a different reality: the numbers reveal a reduction in production of 94,000 barrels per day or 15% in just twelve months. In a monthly comparison, the reduction has been less, of 3.5%.

The state-owned company achieved its highest production in March 2020, just before the Covid-19 pandemic began. In that month, crude oil extraction totaled 1,696 million barrels per day. But from that moment the oil company has not been able to recover the upward trend and has moved away from the presidential objectives.

The production of private companies live a different reality, but the increase in their numbers has been marginal. In February, private companies reported an oil production of 88,655 barrels per day, an increase of 3%, equivalent to 2,600 barrels per day.

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