OPEC is forecasting full-year liquid hydrocarbons production of 2.0 million b/d for Mexico in 2022, flat versus 2021, followed by a slight decline in 2023. 


Incremental production in 2022 “is expected to be driven by foreign-operated fields, while minor growth” is also expected in Petróleos Mexicanos (Pemex) operated fields, OPEC said in its latest Monthly Oil Market Report. “There is upside potential” to the 4Q2022 forecast, OPEC researchers said, “due to assumed maintenance at the Ku-Maloob-Zaap asset, as Pemex has not confirmed the maintenance plan for this year…”

For 2023, the cartel sees Mexico’s production declining by 39,000 b/d versus 2022 to average 1.96 million b/d. “Pemex’s total crude production decline in mature fields is forecast to outweigh...