Petróleos Mexicanos' (Pemex) crude oil production decreased by 2.21% in January compared to the same month in 2023, reflecting a downward trend that led the company to record its lowest production level in the last 44 years, according to data from the National Hydrocarbons Commission (CNH).
This drop is part of a context of prolonged difficulties to increase production, evidenced by the inability to overcome the barrier of 1.71 million barrels per day for twelve months. Despite efforts to increase extraction levels, including the addition of condensates from priority fields, the combined production of liquid hydrocarbons has not been able to recover the figures prior to the budget cuts and the reduction agreements with OPEC+.
Challenges include the decline in mature fields, insufficient investment in exploration and production, and frequent accidents, which have prevented Pemex from reaching its extraction goals established at the beginning of the six-year term.
