Mexico’s oil and gas production remains flat

Mexico's oil and gas production was flat in 2023 despite the government's promise to boost output. 

In December, the country produced 1.625Mb/d (million barrels per day) of oil and 4.10Bf3/d (billion cubic feet per day) of natural gas, compared to 1.61Mb/d of oil and 4.16Bf3/d natural gas in December 2022, according to a report from hydrocarbon commission CNH. (Available for download in the documents box in the top right of the screen.)

President Andrés Manuel López Obrador's administration had set a production target of about 1.89Mb/d for 2023, raising it to 1.98Mb/d for this year. At the beginning of López Obrador's six-year term in 2018, the administration hoped production would reach up to 2.6Mb/d by the end of its term.

State-owned company Pemex’s oil and natgas production accounted for 95% of December’s total, while the remaining was attributed to the private sector.