Petroleum production in Mexico stabilizes after years of decline

After nearly two decades of steady declines, Mexico’s petroleum and liquid fuels production has remained stable since 2019, and we forecast production in Mexico will remain relatively flat through 2024. Private companies have increased petroleum production in Mexico over the past five years. In 2022, Mexican government data show that private production contributed more than 5% of Mexico’s total, a large increase from the 0.5% oil contribution that private companies produced in 2016. In December 2013, Mexico changed its constitution to allow for private petroleum production for the first time since 1938, according to information from the U.S. International Trade Administration. Previously, Pemex, Mexico’s national oil company, was the sole petroleum producer in the country.