Pemex Trade Deficit Surges 146% to $1.11 Billion Between January and May

Petróleos Mexicanos (Pemex) recorded a trade deficit of $1,110.1 million between January and May 2026, a 146% increase from the $452 million posted in the same period of 2025, according to La Jornada.

The deterioration reflects a structural shift in the Gulf basin's energy trade. Pemex sold crude abroad for $7,443 million in the first five months of the year, a 7% drop in value, while purchases of petroleum products totaled $8,553 million, 2% more than in 2025. The sharpest divergence lies in volumes: crude exports averaged 430,100 barrels per day (b/d), a 35% decline from the same period in 2025, while imports of gasoline, diesel, and jet fuel reached 507,200 b/d, according to El Economista. For the first time in at least 36 years, the state oil company bought more refined products from abroad than it exported in crude, a shift that cements Mexico's position as a net buyer of refined products from the U.S. Gulf.

Rising international prices were not enough to offset the volume decline, Reforma reported. In May, Pemex exports rebounded to $1,995 million, up 31.3% from the same month in 2025, but imports climbed 69.8% to $2,918 million, according to La Jornada. In that month alone, the deficit reached $923 million, compared to $198 million in May 2025. Pemex crude production stood at 1.36 million barrels per day in May, while its refineries operated at 47.5% of installed capacity, according to El Economista.

Pemex's second-quarter financial report, due in the coming weeks, will provide the next reading on this trend. The hydrocarbon trade balance reflects Mexico's deepening integration as a net buyer of refined products from the U.S. Gulf, which supplies the bulk of the gasoline and diesel consumed by the National Energy System (SEN). The spread between crude export volumes and petroleum product import volumes will be the indicator to watch in the coming months.

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