Pemex stops breaking out crude and condensates in its production report

Pemex reported 1.613 million barrels per day (Mbd) of liquid hydrocarbons in September 2026, a 2.4% year-on-year contraction, without breaking out how much corresponds to crude oil and how much to condensates, according to El Economista.

The last month with a breakdown was August, when the oil company published 1.336 Mbd of crude, one of the lowest levels in the series that begins in 1990, and just over 300,000 barrels per day of condensates, according to Expansión and El Economista. In August, condensates accounted for just over 18% of total liquids, a proportion the company no longer makes visible in its monthly report. Starting in September, the company's Institutional Database (BDI) presents only the total liquids by region and asset. The distinction matters for analysts and investors because crude is the basis of the Mexican Export Blend and of the diet that feeds the refineries, while condensates carry a different market valuation and are destined for different uses.

The September figures also mark a 1.5% decline versus August, a level 11.7% below that of 2018 and 3.7% below the 1.675 Mbd target of the 2025-2035 strategic plan, according to El Economista. In his appearance before the Chamber of Deputies for the second government report, Pemex's general director, Juan Carlos Carpio, maintained that condensates "have a higher value in the market" and that they are incorporated into the refineries' diet and the export blend. At the same appearance, Deputy Lorena Piñón Rivera, of the PRI, questioned presenting a higher figure when the crude volume barely exceeds 1.3 million barrels. Carpio did not specify whether the separate series will be published again or the reason for the adjustment.

The next Pemex quarterly report and the BDI update are the point to watch: there it will be seen whether the disaggregated crude series returns and how the comparison of the 1.613 Mbd of September stands against the 2018 levels and the 1.675 Mbd target of the 2025-2035 strategic plan.

This article was written with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.