AMLO will not achieve Mexican oil sector aims

Significance

That level broadly equals the figure for 2021 (1.687 mb/d), and is 7% below the 1.813 mb/d achieved in 2018, the year before President Andres Manuel Lopez Obrador (AMLO) took office. AMLO’s ambitious plans for Pemex have failed to materialise, despite major investment.

Impacts

• Government efforts to finish Dos Bocas before AMLO leaves office will push up costs still further.
• Unless oil prices remain high, Pemex will continue to require substantial injections of public funds.
• Missed targets will not prompt the replacement of Octavio Romero as Pemex’s director general or Rocio Nahle as energy minister.
• The management of oil and Pemex will probably be top economic issues during the 2024 presidential campaign.