Pemex Lifts Crude Refining Throughput 21.9% in Q1 2026

Pemex increased crude refining throughput by 21.9% in the first quarter of 2026, reaching an average of 1.141 million barrels per day, according to Energía Hoy. This is one of the highest levels recorded in more than a decade and reflects the government's strategy to revive the National Refining System.

Growth was driven primarily by the Olmeca refinery, which contributed an additional 164,000 barrels per day, and by Tula, which added 39,000 barrels through the continuous operation of its coking unit, brought online in July 2025. The stated objective is to reduce fuel imports and process more crude domestically.

Separately, Pemex reported progress on operational and financial consolidation and announced a productive investment target of 425 billion pesos for 2026, 34% above the prior year, with greater weight on exploration, production, and refining.

Tracking crude throughput indicators and refinery utilization rates will reveal whether these gains hold through the remainder of the year and translate into lower import volumes. The Watt will continue monitoring the company's operational reports.