MEXICO · OIL
Key Facts
- Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 71.4 points (October 2026 edition).
- What is happening Pemex, Mexico’s state oil company, sold 389,000 barrels of crude a day abroad in September, down 32%.
- Why it matters A higher price kept export income steady, but Mexico sells far less crude abroad than in earlier years.
- The numbers The average price rose 50% to US$91.04 a barrel; income edged up to US$1.063 billion.
- Who is who Pemex is Mexico’s state-owned oil company and largest crude producer, owned by the federal government.
- What to watch Pemex’s October figures will show whether volumes climb back toward June’s 566,000 barrels a day.
- What it means for you Pemex’s Americas group, which includes the United States, took 141,000 of the 389,000 barrels a day.
Pemex, Mexico’s state oil company, sold 32% less crude abroad in September than a year earlier. An average price of US$91 a barrel kept its export income from falling.
Pemex, Mexico’s state-owned oil company, exported 389,000 barrels of crude a day in September 2026, according to its own monthly statistics report. That is 32% below the 570,000 barrels a day it sold abroad in September 2025.
Export income still rose slightly, to US$1.063 billion, because the average price jumped 50% to US$91.04 a barrel. For US readers the drop matters because Mexico sits next door to the US Gulf Coast refining region.
What Pemex’s Own Figures Show
The report lists 389,000 barrels a day of crude exports for September, against 570,000 a year earlier and 656,000 in September 2024. In Pemex’s regional split, the Far East took 150,000 barrels a day, the Americas 141,000 and Europe 98,000.
The average export price was US$91.04 a barrel, the highest monthly average of 2026 so far. A year earlier it was US$60.61, and the 2026 low was US$56.00 in January.
Export revenue was US$1.063 billion, up from US$1.037 billion in September 2025. Over January to September, revenue totalled US$9.452 billion, about 8% below the US$10.29 billion of the same months in 2025.
A Long Slide in Barrels
Pemex exported an average of 1.02 million barrels a day in 2021 and 581,000 in 2025. So far in 2026 the average is 425,000 barrels a day.
September was a rebound inside that slide, up from 276,000 barrels a day in August, the lowest month of 2026. The best month this year was June, at 566,000.
Pemex marks its July and August export values and prices as revised in the same table. Figures for recent months can therefore still change.
Pemex’s liquid-hydrocarbon output from its fields, partners included, was 1.613 million barrels a day in September, 2.4% below a year earlier. In 2023 the same measure averaged 1.875 million barrels a day.
Why Less Crude Leaves Mexico
Pemex’s second-quarter results release of 31 July 2026 says refinery crude processing rose 2.9% to 1.008 million barrels a day. Output of fuels such as gasoline and diesel rose 3.4%, to 1.029 million barrels a day.
Crude that is refined at home is not available to sell abroad. The documents checked do not say that this alone explains the export fall.
What It Means for US Readers
Pemex puts 141,000 barrels a day of September crude in its Americas group, a region that takes in the United States. The report gives no country-by-country split, so the exact US share is not public in it.
A price near US$91 a barrel supports Mexico’s oil income even as volumes fall. Related Rio Times coverage includes Mexico Oil Revenue Up 10.5% as Exports Sink and Fitch: Pemex Burden Costs Mexico a Notch.
More is on the Mexico hub, in the Mexico economy guide and in the Mexico-US relations guide. Pemex is run from Mexico City, and its exploration drive is covered in Pemex Has All but Stopped Looking for New Oil.
What Is Not Known
The September report does not say which countries bought the crude or why volumes rose from August. It gives no forecast for October.
It also sets exports against no target. Pemex has not said, in the documents checked, how much of the fall comes from higher refining.
What Comes Next
Pemex publishes monthly export data, so the October figure should follow about a month after September’s. A second month above 389,000 barrels a day would suggest the August low was a one-off.
A price near US$91 a barrel does not guarantee higher export volumes. It does mean each barrel sold earns far more than a year ago.
Frequently Asked Questions
How much crude did Pemex export in September 2026?
Pemex exported 389,000 barrels a day, 32% less than the 570,000 of September 2025. Export income was US$1.063 billion.
Why did Pemex export income hold up?
The average export price rose 50% to US$91.04 a barrel. That offset the lower volume.
Is Mexico still sending oil to the United States?
Pemex shows 141,000 barrels a day going to its Americas group, which includes the United States. The report gives no country-by-country split.
What is Pemex?
Pemex, short for Petróleos Mexicanos, is Mexico’s state-owned oil company. It is the country’s largest crude producer.
Sources: Pemex, Estadísticas Petroleras, September 2026 (monthly report on hydrocarbon production and trade); Pemex, press release 69/2026 on second-quarter 2026 results, 31 July 2026 (both accessed 3 November 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief