Pemex reduces crude oil production target to 1.88 million b/d

Oct. 10, 2023
Petróleos Mexicanos (Pemex) has lowered its crude oil production target for 2024 to 1.887 million b/d from 1.95 million b/d, director Octavio Romero Oropeza said Oct. 10.

Petróleos Mexicanos (Pemex) has lowered its crude oil production target for 2024 to 1.887 million b/d from 1.95 million b/d, director Octavio Romero Oropeza said Oct. 10.

The projection falls below the official’s previous estimate and even further from the 2 million b/d noted by President Andrés Manuel López Obrador.

Speaking before the Chamber of Deputies as part of President Andrés Manuel López Obrador's Fifth Government Report, Romero Oropeza said crude oil production from January to September amounted to 1.882 million b/d. He estimated that by end-October, production would rise to 1.885 million b/d and reach 1.886 million b/d by end-2023.

Out of the total 1.954 million bbl produced daily in the country, private companies contribute 3%, while the rest is attributed to the Mexican state-owned company, Romero Oropeza said. A similar situation exists in the national gas market, where Pemex holds a 98% market share in Mexico, he said.

The Pemex director said that by the end of López Obrador's 6-year term in 2024, the company would conclude with the processing of 1.6 million b/d with 320,000 b/d processed through the Olmeca refinery in Dos Bocas, Tabasco state.