MONTERREY, MEXICO (By Isaac Silvestre, Editores Latin Petroleum, 18.Oct.2026, Words: 182) — Refining crude oil has proven costly for state-owned Petróleos Mexicanos (PEMEX).
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This, as the Mexico City-based company may have missed out on approximately around 781bn Mexican pesos ($41bn) in potential profits between 2022-2025 by prioritizing crude refining over exports, El Financiero reported on 18 Oct. 2026, citing an analysis by México Evalúa.
This opportunity cost is equivalent to around double PEMEX’ debt to suppliers, which totaled 374.334bn pesos ($21.427bn) at the end of the second quarter 2026 (2Q:26).
México Evalúa noted PEMEX did not record a single instance in which refining crude in its refineries was more profitable than selling it on international markets during the 4 years analyzed.
“Between 2022 and 2025, the research team did not identify a single instance in which refining was more profitable for PEMEX than exporting,” the analysis stated.
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By Isaac Silvestre reporting from Monterrey. © 1999-2026 Energy Analytics Institute (EAI) and its 100% owned Venezuelan affiliate Editores Latin Petroleum CA. All Rights Reserved.
