Andres Manuel Lopez Obrador, Mexico's president, faces an uphill battle in meeting production targets set in 2018
Letter from South America: Mexico plays catch-up
The country’s upstream strategy seems at odds with reality and will require an about-turn if there is any hope of meeting its production targets
Mexico is having an existential moment as an oil-producing nation. In 2018, President Andres Lopez Obrador announced an ambitious goal to boost oil production to 2.4mn bl/d and gas output to 6.6bn ft³/d (187mn m³/d) by 2024. This led to the identification of around 20 small and medium-size “priority fields” operated by NOC Pemex to help inject additional supply. But this campaign has suffered setbacks, with field development plans running behind schedule and volumes not deemed large enough to sustain output for long. Mexico’s oil production has continued to decline over the past six years, dropping from 2.52mn bl/d in 2013 to 1.68mn bl/d in 2019. And the country has only maintained similar l
Also in this section
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
