Pemex's Hydrocarbon Trade Deficit Triples to $1,110 Million; Exports Fall 35%

Pemex recorded a hydrocarbon and derivatives trade deficit of $1,110.1 million between January and May 2026, a 146% increase over the same period in 2025, according to the company's petroleum indicators reported by Reforma on July 8. The deterioration in the trade balance occurred despite a 33% rise in the price of Mexico's export crude blend, driven by disruptions in the Strait of Hormuz.

The paradox is twofold: Mexico Business News reported that, for the first time in at least 36 years, the state oil company spends more importing fuels from abroad than it earns selling crude. Crude exports averaged 430,100 barrels per day (b/d) in the first five months of the year, the lowest level for a comparable period, with a 35% annual decline in volume. Oil production, capped at 1.8 million b/d by the Claudia Sheinbaum government, is insufficient to simultaneously meet domestic refining targets and export commitments.

On the import side, gasoline purchases totaled $5,020.4 million, a 3.2% annual increase, while diesel imports reached $1,287.2 million, up 0.8%. Total hydrocarbon and derivatives imports came to $8,553 million, 2% more than in the same period in 2025. Exports, by contrast, fell 7% annually to $7,443 million. Óscar Ocampo, Energy and Environment Coordinator at the Mexican Institute for Competitiveness (IMCO), noted that Mexico did not capitalize on the international crude price rally due to a smaller exportable base and the need to import refined fuels at elevated prices.

Pemex's export-import imbalance is putting direct pressure on public finances: between January and April 2026, the federal government transferred more than 100,000 million pesos to the company, a 6.2% increase over 2025. The publication of June's petroleum indicators, expected by the end of July, will provide the next reading on whether the trend is moderating or deepening.

This article was written with artificial intelligence assistance based on verified sources and reviewed by a human editor before publication.