Mexico Oil: Production, Reserves & Role in the Market
Mexico produces about 1.73 million barrels of crude per day (2025). Mexican oil output has fallen for most of the past two decades since the giant Cantarell field peaked in 2004, leaving state monopoly Pemex — heavily indebted and reliant on government support — fighting to stabilize production even as the IEA projects Mexico could become a net crude importer by 2030.
Key Figures
| Measure | Value | As of / source |
|---|---|---|
| Crude production (#13 of tracked) | 1.73 Mb/d | 2025 · EIA |
| Petroleum consumption (#12 of tracked) | 1.91 Mb/d | 2025 · EIA |
| National company | Petróleos Mexicanos (Pemex) — a state-owned monopoly; private and foreign investment in upstream production remains limited | Pemex |
| 2026 production target | Pemex's Strategic Plan 2025–2035 targets 1.794 million b/d of total liquids in 2026, up from a 2025 average near 1.64 million b/d | Pemex Strategic Plan |
| Financial debt | Pemex ended 2025 with about $84.5 billion in financial debt, down from $97.6 billion a year earlier after debt-reduction efforts | Pemex year-end results |
| Import risk | The IEA has projected Mexico could become a net crude oil importer by 2030 without a reversal in the production trend | IEA |
Rankings and comparisons: world production & consumption · reserves by country · biggest oil companies.
Two Decades of Decline
From Cantarell to today
- Cantarell, once the world's second-largest oil field, peaked at roughly 2.1 million barrels a day in 2004 before entering a rapid natural decline — the single biggest driver of Mexico's two-decade production slide.
- Ku-Maloob-Zaap has since become Pemex's leading producing complex, but has not been enough on its own to offset losses elsewhere.
- Chronic underinvestment, a heavy tax burden on Pemex, and policy swings between opening the sector to private capital (2013–2018 energy reform) and reasserting state control since have all weighed on output.
What to watch
- Pemex's 2026 shift toward mixed contracts intended to bring in more private operating capital without ceding full control.
- Progress on fuel self-sufficiency goals tied to the Olmeca (Dos Bocas) refinery, a priority separate from crude production itself.
- Whether debt-reduction efforts continue, since Pemex remains one of the most indebted state oil companies in the world.
US Trade with Mexico
| Flow | Latest month | Share of US total | vs year ago | Month |
|---|---|---|---|---|
| US crude imports from Mexico | 352 kb/d | 5.7% | +16.2% | July 2026 |
| US finished motor gasoline exports to Mexico | 417 kb/d | 48.5% | +5.0% | July 2026 |
| US distillate fuel oil exports to Mexico | 199 kb/d | 11.4% | +11.2% | July 2026 |
| US kerosene-type jet fuel exports to Mexico | 33 kb/d | 9.0% | −47.6% | July 2026 |
EIA monthly trade statistics, thousand barrels a day. Full rankings: US crude imports by country and US fuel exports by country.
Oil Companies Operating in Mexico
| Company | Type | Ownership |
|---|---|---|
| Pemex | National oil company (state-owned or state-controlled) | Owned by the Mexican federal government. |
From the oil company directory: companies with material producing operations here or headquartered here, hand-curated from company filings.
Mexico Oil FAQ
How much oil does Mexico produce?
Mexico produces about 1.73 million barrels per day of crude oil (including lease condensate, 2025), ranking #13 among the countries tracked here. Source: EIA international statistics.
Why has Mexican oil production fallen so much?
Output peaked near Cantarell's 2004 high of roughly 2.1 million barrels a day; the field's rapid natural decline after that peak, combined with chronic underinvestment and Pemex's heavy debt and tax burden, drove two decades of decline that no single newer field has fully offset.
Is Mexico part of OPEC?
No. Mexico is not an OPEC or OPEC+ member, though given its historical role as a major crude exporter to the United States, it has at times coordinated informally with OPEC+ on voluntary production adjustments without being bound by a formal quota.
Does the United States import oil from Mexico?
Yes. The EIA recorded about 352 thousand barrels a day of US crude imports from Mexico in July 2026, 5.7% of the 6,224 thousand b/d the US imported in total, +16.2% on a year earlier.
Does the United States export fuel to Mexico?
Yes. In July 2026 the EIA recorded US exports to Mexico of about 417 thousand b/d of finished motor gasoline, 199 thousand b/d of distillate fuel oil, 33 thousand b/d of kerosene-type jet fuel.
Which oil companies operate in Mexico?
The oil company directory lists Pemex with producing operations in Mexico. See the directory for who owns each company and which basins it works.