Pemex deficit widens to $3.977 billion as crude exports hit 40-year low
The state oil firm posted a trade deficit for the first eight months of 2026 while production fell to its lowest recorded level.
By Diego Lozano · 5wPetróleos Mexicanos reported a $3,977 million deficit in its oil trade balance for the period from January to August 2026, with exports totaling $11,685 million and imports reaching $15,663 million.
Crude production reached 1.34M barrels per day in August, the lowest recorded level for the company, while exports dropped 44.9% to 276,000 barrels per day.
Pemex plans to develop 21 mixed contracts with private companies to increase production in the short term, but the strategy has faced criticism for unattractive conditions.
PRI deputy Emilio Suárez Licona questioned Pemex's production targets, noting that projected output for 2027 was 1.8 million barrels per day, lower than the 2 million barrels projected for 2024.
The company holds total outstanding debt between 97 billion and 100 billion USD, remaining the most indebted oil company in the world.
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