Data released by the Mexican state company Pemex late Thursday night showed that it exported 500,203 barrels of crude oil per day (bpd), a drop of 32% compared to last year, despite its refineries processing slightly more.

Pemex is trying to squeeze out more barrels of oil from fields that are rapidly declining, particularly those in the Gulf of Mexico. However, its operations are limited by mounting debts and budget constraints.

Exports will drop by about 487.900 bpd next year and to around 393,100 bpd over the next decade.

The numbers show that Pemex's local refineries produced just over 1,05 million barrels per day in August, an increase from the previous month.

In August, crude oil and condensate output was 1,64 million bpd. This is similar to previous months but lower than last year's same-month production.

The government of President Claudia Sheinbaum said that it wants to increase crude oil production to 1.8 million barrels per day. Pemex is the dominant producer. Mexico, one of the largest oil producers in the world, imports refined products as Pemex refineries are unable to process the Maya heavy sour grade that the state company pumps.

Imports of petroleum, including gasoline, diesel and jet fuel, dropped 19% from the previous month and 38% on an annual basis, reaching 457,849 Bpd.

Pemex produced 1,07 million barrels per day (bpd) in the same month, an increase of 4% on a year-over-year but a slight decrease from July's production of 1.09 million. (Reporting Ana Isabel Martinez, Writing by Stefanie Eschenbacher, Editing by Marguerita Chy)

(source: Reuters)