Overview

• Pemex reported July crude production of 1.379 million barrels per day, up 1% from June but down about 8% year over year, extending a 32‑month streak of annual declines.
• Total liquids output, including condensates, reached 1.648 million barrels per day in July, reflecting a slight month‑to‑month uptick but a yearly drop.
• The seven‑refinery system processed 1.023 million barrels per day, a 7.5% monthly decline that equates to 52.5% of installed capacity.
• The Olmeca (Dos Bocas) refinery ran 156,265 barrels per day in July, an 18% monthly decrease that represents roughly 46% of its 340,000‑barrel‑per‑day design capacity.
• Mexico’s production goal of 1.8 million barrels per day remains out of reach, while Dos Bocas’ reported cost has climbed from an initial $8.9 billion to about $20.959 billion.