Pemex Crude Production Falls in 2023

While Pemex’s crude production fell in 2023, it still boosted crude exports with the debut of its mixed Zapoteco grade and the relaunch of Olmeca crude, Argus said.

• In 2023, Pemex produced on average 1.57m b/d, down 6% from the 1.67m b/d in 2022.
• Crude production also fell to a new low of 1.54m b/d in December.
• Heavy crude production rose 3.9% to 0.97m b/d in 2023, but lighter crude production was down 8.3% to 0.461m b/d, while extra light was down 37% to 0.157m b/d.
• Condensates, however, have seen a strong rise, over tripling production to 287k b/d.
• Condensate production has been used to mix with heavy crudes to produce exports of medium-heavy grades such as Istmo and Zapateco.
• Istmo crude exports – mainly to the US – rose 45% to 420k b/d, as a substitute for Venezuelan crude.
• Total crude exports rose 8.4% to 1.03m b/d, still far from the government’s 2m b/d target.
• Non-pemex crude production rose 2.6% to 0.101m b/d.