Pemex scrambles to plug the gap
The NOC’s dire financial situation and maturing fields have left the authorities with little choice but to reduce crude expectations
Mexico’s government has been forced to accept reality and downgrade the country’s crude forecast for the year. The retreat always looked likely, with state oil and gas firm Pemex struggling to service its debts and some of Mexico’s largest oilfields posting substantial declines. Production last year showed the largest annual drop for four decades. Output from Maloob, Zaap and Quesqui alone slumped by 121,000b/d year-on-year as total domestic supply fell to just 1.6m b/d across all of 2024. The number of producing wells also sunk by almost 4%. “The downward revision in crude production is driven by a mix of financial and operational challenges at Pemex, along with the ongoing decline of matur
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
