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Trade Trends News
25-12-2024
Official data reveals that Mexico's production of liquid hydrocarbons and natural gas dropped to its lowest level of the year in November 2024, significantly below the average levels of the previous year.
November also marked the second consecutive month that the country failed to meet its target of 1.8 million barrels per day of crude oil and condensate production. Nigerian President Claudia Sinhaub has vowed to maintain this target throughout her six-year term.
Data released on December 23rd shows that Mexico's liquid hydrocarbon output in November was 1.747 million barrels per day. Of this, 1.488 million barrels per day were crude oil, and 259,000 barrels per day were condensates. Condensate is a very low-density, low-viscosity liquid hydrocarbon product that typically surfaces alongside natural gas.
Mexico's daily natural gas output was 3.531 billion cubic feet, also marking the lowest level of the year.
Despite receiving billions of dollars in government support over the years, the state-owned giant Pemex continues to struggle. The company produces 94% of the country's liquid hydrocarbons and 95% of its natural gas.
Oil production has sharply declined from a peak of 3.383 million barrels per day two decades ago. Output from aging fields, particularly in the Gulf of Mexico, has fallen, while production from newly discovered fields has been disappointing.
Earlier this year, Reuters reported that unless significant investments are made in exploration and production, Mexico may be forced to import crude oil over the next decade to meet the needs of its local refineries, a major shift for a country that has traditionally been a major oil exporter.
So far, President Sinhaub's views on energy issues do not differ much from those of her predecessor and mentor, Andrés Manuel López Obrador, except for her strong advocacy for the development of renewable energy. However, the scientist, who has been honored for her contributions to climate change, has been reluctant to disclose how she plans to reduce dependence on fossil fuels or how she intends to address the situation of the world's most indebted energy company.
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