Pemex faces record fuel‑theft losses and misses production target

Pemex reported that illegal fuel theft (huachicol) cost the company 101 million pesos per day, amounting to 9.18 billion pesos between April and June 2026 – the highest loss for a comparable period since 2018. The thefts involve crude, gasoline, diesel and turbosina diverted to a black‑market network, reducing the firm’s sales and tax revenues.

In the second quarter of 2026 the state oil firm produced 1.658 million barrels per day, a rise of only 0.3 % from the first four months of the year, leaving it far short of the administration’s goal of 1.8 million barrels per day by the end of the six‑year term. Analysts at BBVA Research warned that the modest output increase is insufficient and that a larger investment in exploration is required.

Financially, Pemex posted a quarterly profit of 18 billion pesos, driven by extraordinary items such as a high average oil price of $89 per barrel and government contributions exceeding 100 billion pesos. However, the company still recorded a net loss of 27.97 billion pesos for the first half of 2026, and its total debt remains around 77 billion dollars, although debt fell 9.1 % year‑on‑year. Experts from the Instituto Mexicano para la Competitividad (IMCO) emphasized that the profit does not signal a structural recovery.