Pemex Monthly Report: February

February bounce in crude exports offers short-term relief, but output and refining trends remain negative

In February 2025, Mexico's state-owned oil company, Pemex, reported a significant 33.0% increase in crude oil exports compared to January 2025, reaching 710 bpd. Despite this rebound, exports remained 24.6% lower than in the same month of 2024. The United States accounted for approximately 60% of these exports, or 428 bpd, predominantly consisting of the Maya heavy crude blend.

The surge in exports followed a challenging January, during which Pemex experienced a 43.9% YoY decline, marking the lowest levels in decades. This downturn was attributed to issues with crude quality, specifically elevated salt and water content, which had prompted complaints from buyers. By early March, Mexican President Claudia Sheinbaum announced that these quality concerns had been resolved.

In response to trade uncertainties, including potential tariffs from the United States, Pemex has been actively seeking to diversify its export markets. Discussions are underway with potential buyers in Asia and Europe, including China, to mitigate risks associated with overreliance on the U.S. market.