Pemex scales back upstream goals
The strained producer downgrades its 2021 forecast as rapid economic recovery looks doubtful
Mexican state-owned oil firm Pemex has been forced to revise down its crude upstream target for 2021. The producer cut c.170,000bl/d from an earlier projection of 2.03mn bl/d after the government reforecast its near-term oil price. Before the Covid-19 pandemic, Pemex had predicted an average price for a Mexican crude oil mix of $49/bl for 2020. But as global energy demand reeled, the realised price slumped to just above $31.80/bl over the first six months of the year. And the government predicts only a slow recovery in prices next year. The finance ministry expects oil to rebound to an average of just $42.10/bl for 2021. “Due to low expected oil prices during 2021, Pemex has decided to focus
Also in this section
6 November 2025
The Russian firm made a significant attempt to expand overseas over the past two decades but is now divesting its global operations
6 November 2025
After years of pursuing ideologically driven climate leadership, Western powers are now stepping back under mounting political pressure and rising populist opposition—prompting concern essential climate action could be sidelined
5 November 2025
Construction of the pipeline in Afghanistan is making tangible progress, but extending it into Pakistan and India remains unrealistic for political reasons
4 November 2025
Crucial structural reforms and change in operating philosophy are needed to arrest PEMEX’s ongoing decline and restore oil production growth
