Production of petroleum and liquid fuels in Mexico has held steady since 2019, according to a report in Oil & Gas Journal, after two decades of steady decline. U.S. Energy Information Administration said production in Mexico is expected to remain relatively flat through 2024.
In 2013 the Mexican government amended its constitution to open the oil and gas market to foreign and local private investors for the first time since 1938. Previously Pemex was the only oil producer in the country. Private companies have increased petroleum production in Mexico over the past five years. They accounted for 0.5 percent of the country’s total production in 2016 and more than 5 percent in 2022.
EIA said Mexico’s petroleum and liquids production peaked at 3.9 million barrels per day in 2004 then declined each year until it stabilized at about 1.9 million b/d in 2019.