Pemex headquarters in Mexico City
Mexico must overhaul its NOC
Crucial structural reforms and change in operating philosophy are needed to arrest PEMEX’s ongoing decline and restore oil production growth
Mexico’s crude oil output has dropped sharply to around 1.4m b/d, down from a peak of more than 3m b/d in the early 2000s, posing significant challenges for the upstream sector and the government. State oil company PEMEX accounts for most of the country’s oil output, producing about 95% of domestic crude as of 2025. The company faces unprecedented financial and operational pressure as President Claudia Sheinbaum’s administration seeks to balance state control over hydrocarbons with debt reduction and supply stability by prioritising unconventional resource development, among other initiatives. While energy analysts remain doubtful about the success of these measures in the long run, they cou
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
