For the first time in 36 years, the state-owned oil company Pemex is importing more petroleum products than it is exporting, a turn of events that could significantly impact the everyday lives of many Mexicans. In the first five months of this year, Pemex imported an average of 507,227 barrels per day while exporting 431,801 barrels, leading to a scenario where domestic fuel supplies might be affected.
During this challenging period, exacerbated by the ongoing conflict in Iran and rising global hydrocarbon prices, Pemex has spent approximately US $1.6 billion each month on gasoline, diesel, and jet fuel from foreign markets. This expenditure has outstripped the company’s income from oil sales, which amounted to about US $1.09 billion during the same timeframe. The discrepancy highlights a pressing concern for the Mexican economy and the government’s ability to manage energy resources effectively.
Recent analyses from the Mexican Institute for Competitiveness (IMCO) indicate a worrying downward trend in Pemex’s performance, with a reported net loss of 46 billion pesos (about US $2.6 billion) in the first quarter alone. Crude oil exports have declined significantly, with a drop of 35% compared to the same period last year, continuing a troubling pattern that has persisted for three years. This consistent decline raises alarms about the company’s overall viability and stability.
Although imports of petroleum products have also decreased, the rate of decline is considerably slower compared to the drop in exports. Data shows a 17% reduction in imports during this year’s first five months, compared to even more significant year-on-year losses in exports. The financial strain on Pemex has become increasingly evident, with total earnings through May falling by 13%, marking four consecutive years of annual declines.
While some production metrics show slight improvements, such as a small increase in liquid hydrocarbons, crude oil production remains a concern, with figures dropping 0.6% year-on-year. In May, Pemex produced just 1.36 million barrels per day of crude oil, continuing a trend of historically low outputs. Additionally, refinery operations have not fared better, with crude processing at its lowest rate in over eight years.
To stabilize the situation, the Mexican government has allocated over 100 billion pesos (about US $5.7 billion) in financial support to Pemex in the first half of 2026, following a previous injection of funds last year.
As these developments unfold, they remind us of the interconnectedness of global events and local economies, urging a collective awareness of Pemex’s shifting role and the implications for daily life in Mexico.