Weekly Report - 04 May 2023 (WR-23-18)

MEXICO | Pemex profits fall. Mexico’s state-run oil company Pemex announced on 3 May that its net profit was down by 53.7% in the first quarter of 2023 compared with the same period last year at M$56.74bn (US$3.15bn) due to weaker sales. The CEO of Pemex, Octavio Romero Oropeza, tried to put a positive spin on the results, claiming that the company was showing greater “discipline and operational efficiency” and that production was up by 5.9% over the same period, averaging 1.85m barrels per day (bpd), although much of this was down to increased condensate output rather than heavy crude production.