Overview

• Pemex reported crude production of 1.379 million bpd in July, up 1% month over month and about 8% below a year earlier, extending a 32‑month run of annual declines; total liquids reached 1.648 million bpd.
• The National Refining System processed roughly 1.02 million bpd, about 52% of capacity, representing a 7.5% monthly contraction.
• The Olmeca (Dos Bocas) refinery handled 156,265 bpd, an 18.4% drop from June and about 46% of its 340,000 bpd design capacity.
• Crude exports rebounded to 600,669 bpd, a 31% monthly rise that remained roughly 23% under July 2024 levels.
• Experts say Dos Bocas likely needs months to stabilize and warn that cost overruns near $21 billion and Pemex debt above $98 billion pose risks, as the government pursues a 10‑year plan and a 1.8 million bpd production goal.