Mexico's Oil Barrel Production Accelerates in February: Pemex Reports

Petróleos Mexicanos (Pemex) reported achieving a production of 1.64 million barrels per day (bpd) of liquid hydrocarbons, including crude oil, in February 2026. While this figure represents a 0.5% monthly decline, it signifies a 1.6% annual increase compared to the same month in 2025. This outcome marks Pemex’s third consecutive annual advance, notwithstanding the monthly decreases registered over the past two months.

Crude Oil Production Reaches 1.3 Million Barrels Per Day

In this context, Pemex’s report indicates a slight variation in the breakdown of key production components:

Crude Oil Production: Crude oil production reached 1.367 million bpd, representing a monthly decrease of 0.4%. Nevertheless, a slight annual increase of 0.07% was reported.
Condensate Production: Condensate production totaled 278,602 bpd, marking a 1.4% monthly decline but a robust 9.7% annual growth.

These figures illustrate a mixed dynamic, characterized by monthly declines in certain segments but positive performance on an annual basis. Also read

Natural Gas Production Also Shows Annual Growth

Regarding natural gas, Pemex reported a production of 4,829 million cubic feet per day (MMcf/d). While a monthly decrease of 0.3% occurred, an annual increase of 9.1% was registered compared to February 2025. This underscores the growth in gas production, despite monthly downturns.

Unpartnered Oil and Hydrocarbon Production Reflects Similar Trend

Considering only unpartnered production, Pemex achieved 1.63 million bpd, mirroring the same mixed dynamic of annual growth and monthly reduction. This trend underscores the production volatility faced by the company, which remains a critical factor to monitor in the coming months.

Pemex’s Outlook for 2026

It is noteworthy that Pemex concluded 2025 with a production of 1.635 million bpd, marking its lowest level in 46 years. While initial 2026 results indicate a modest annual recovery, ongoing monthly declines remain a concern. Pemex’s performance during the first quarter of 2026 will be pivotal in determining whether the company can establish a sustained recovery amidst the volatile energy market.