Pemex continues to report low refining production month after month and its refining problems keep increasing. The company will close some of these plants this week over the traditional November 1st holiday weekend.
Pemex’s problems have affected the fiscal finances of Mexico, but the company is beginning to report some benefits, especially due to the increase in the crude price during this year. Oil exports on average are above target for this year.
Pemex is facing tough times in almost all its business areas. Pemex aims to focus on oil production and leave the other businesses to private investors. José Antonio González Anaya, CEO of Pemex, talked about this issue.
Pemex keeps showing no signs of recovery in its production metrics, and recent natural disasters aggravated the situation. The NOC published its preliminary extraction figures for September and these continue to decrease, this time at an even faster rate.
Pemex keeps reporting red numbers in almost all its operational metrics; it seems like the company is justifying itself saying that it will focus on oil. Pemex propane production and imports are very low to meet local demand, leaving a big opportunity for other companies.