Abstract
Significance That level broadly equals the figure for 2021 (1.687 mb/d), and is 7% below the 1.813 mb/d achieved in 2018, the year before President Andres Manuel Lopez Obrador (AMLO) took office. AMLO’s ambitious plans for Pemex have failed to materialise, despite major investment. Impacts Government efforts to finish Dos Bocas before AMLO leaves office will push up costs still further. Unless oil prices remain high, Pemex will continue to require substantial injections of public funds. Missed targets will not prompt the replacement of Octavio Romero as Pemex’s director general or Rocio Nahle as energy minister. The management of oil and Pemex will probably be top economic issues during the 2024 presidential campaign.
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