MassiveIndustry

(Fri, 31 Mar 2023) Pemex (Mexico’s state-owned oil company) reported a profit of 23 billion pesos (US $1.2 billion) in 2022 aided by higher oil prices. This is the first time the company posted a profit in a decade on an annual basis. Recently, increasing private investment and rising condensate production helped reverse a downward trend in Mexico’s oil production that began in 2004. In 2022, Mexico’s oil production was nearly 2 million barrels per day (b/d).