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Mexico's Pemex Targets 1mn b/d Refinery Runs in 2023

REFINING

Mexico’s Pemex expects to significantly increase its refinery runs this year according to management on the latest earnings call.

  • In 2022, Pemex refined on average 816,000 b/d of crude at its six refineries, a 15% increase compared with the 712,000 b/d refined in 2021.
  • In January 2023, runs went up to 836,000 b/d and to 850,000 b/d in February. Pemex expects runs to reach 1 million b/d by the end of 2023.
  • In 2022, Pemex produced 271,000 b/d of gasoline, and 146,400 b/d of diesel, while demand was 670,000 b/d of gasoline and 304,200 b/d of diesel. The shortfall between production and demand is mainly catered for by US imports.
  • Mexico has longer term ambitions to fully self sufficient for oil product production and no longer reliant on costly US imports.

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