Pemex earns higher profits from crude exports than domestic refining

A study by the think tank México Evalúa reveals that Petróleos Mexicanos (Pemex) earns significantly higher profits from exporting crude oil to international markets than from refining it domestically.

According to the report, Pemex earns an estimated $47.7 per barrel through exports, compared to just $26.2 per barrel through domestic refining. This creates an operational difference of approximately $21.5 per barrel. The study characterizes this gap as an opportunity cost rather than a direct cash loss, representing potential revenue foregone due to the strategic decision to prioritize national supply over international sales.

The financial impact of prioritizing domestic processing is substantial. The estimated opportunity cost for 2025 is approximately 153 billion pesos, with projections for 2026 reaching 145 billion pesos if current margins persist. Between 2022 and 2025, the cumulative amount of unearned revenue is estimated at $41 billion USD.