Pemex faces financial challenges due to a reduction in crude oil exports.

The state-owned company Petróleos Mexicanos (Pemex) continues to be immersed in a negative streak in terms of its crude oil export revenues, reaching historically low levels not seen since the onset of the pandemic. The company has decided to reduce the amount of oil it sells abroad, resulting in a significant decrease in its sales from this activity, directly impacting its financial situation. In the month of April, the latest available data, Pemex recorded revenues from oil sales abroad totaling $1.566 billion, marking the lowest figure since November 2020 when sales of $1.452 billion were reported. This decline in revenues occurs in a context where the international price of oil is much more favorable, with a price of $76.5 per barrel compared to $41 per barrel in November 2020. The decision to reduce crude oil exports has been driven by the state-owned company and the federal government with the aim of increasing the amount of oil processed in refineries, in line with the goal of achieving gasoline self-sufficiency promised by President Andrés Manuel López Obrador at the beginning of his term. However, various factors such as the poor condition of the refineries and delays in the start-up of the Dos Bocas refinery have hindered the achievement of this objective. Oscar Ocampo, a researcher at the Mexican Institute for Competitiveness, points out that the policy of reducing exports has had negative consequences on Pemex's oil revenues, resulting in losses for the company. The decrease in crude oil exports has been significant, reaching a 31% decrease compared to the same month of the previous year, with a daily export of 681,000 barrels in April. The head of analysis at a bank holding bonds of the oil company mentions that the low production is due to the depletion of the main oil wells, as well as inefficiencies in Pemex's refined product production. Crude oil production has remained below 1.5 million barrels of oil during the month of April, highlighting the challenges facing the company in this final stretch of López Obrador's government. Reuters agency revealed that Pemex had ordered the cancellation of exports of 436,000 barrels per day, a measure that was reduced to 330,000 barrels in May and ultimately would have been reversed in the current month. These decisions to reduce exports have translated into a significant decrease in the company's revenues, which in the first months of this year reported total sales of almost 406 billion pesos, compared to 1.719 trillion pesos from the previous year. The restriction on crude oil shipments abroad has had a direct impact on Pemex's finances, leading the company to face a series of challenges in a complex economic and operational context. As the situation unfolds, it will be crucial to closely monitor the actions that the company and the federal government implement to revitalize the oil industry and ensure Pemex's financial sustainability in the future.