In November 2022, PEMEX’s fuel refining increased by 15%, compared to October. The Mexican state-owned oil company produced 814.5 million barrels per day in November, marking an increase of more than 100 Mb/d, compared to the previous month.
Despite this increase, PEMEX fell 31% short of the government’s target of 1.2 million barrels per day for fuel production in 2022, with an average of 814.52 million barrels per day.
Decrease in Fuel Imports
The reduction in imports must be added to the production data for November. PEMEX recorded a decrease of 25.71% in fuel imports, compared to October of the same year. Additionally, imports of diesel dropped 14%, as they went from 171 Mb in October to 147 million barrels in November. This marks the second-lowest import number for fuel in the year.
Refining System Rehabilitation Cost
The National Refining System (SNR) rehabilitation project has incurred an expense of MX$45 billion so far. The utilization of the installed refining capacity is at one of its lowest points since 2012, as the SNR produced fuel at 77.7% capacity in 2012, but by Novembre 2022 it was only using 49.7%.
PEMEX’s Strategy for 2023-2027
Despite a growth in sales, PEMEX experienced a decrease in profit from fuel sales in November 2022. The company sold 24 million barrels per day more than the previous month, but reported an 11.2% decrease in profit. Experts attribute the decrease in income to lower demand for oil and gas.
One of PEMEX’s key objectives in its 2023-2027 Business Plan is to enhance the SNR and decrease imports of refined fuel products. The state-owned oil company stated in the plan that while significant imports are necessary, improvements in the refining process will limit the need for significant purchases of merchandise for resale.