A view of the state oil company Pemex's Olmeca refinery in Dos Bocas, Paraiso, Mexico June 21, 2024.
Crude exports in February reached 709,793 barrels per day (bpd), according to data published by Pemex late on Tuesday.
About 60% of those exports, or 428,357 bpd, went to the United States, most of that being the Maya heavy crude oil blend.
Crude exports in January had plunged 44% year-on-year in January to their lowest level in decades as the company struggled with crude quality.
On Tuesday, the head of Pemex's trading unit PMI said Pemex is actively looking to diversify its market for crude oil exports, as well as for motor fuel imports, confirming a Reuters report from early March.
Crude and condensate production meanwhile rose a marginal 0.5% in February compared to January, but was 10.5% lower than the same month last year amid a gradual decline in pumping in recent months.
Pemex has attributed the decline to the depletion of several key fields.
The company is burdened with a financial debt of almost $98 billion as well as another $25 billion in debt to suppliers.
Mexico's President Claudia Sheinbaum on Wednesday said Pemex had paid off a total of 147 billion Mexican pesos ($7.31 billion) to suppliers.
Oil-only production was relatively flat at 1.37 million bpd, following months of steady declines in recent years.
Pemex said it increased crude processing at its local refineries in February by 0.8% to 898,153 bpd but that was down 4% year-on-year.
The much-publicized new Olmeca refinery, which claims a capacity to process 340,000 bpd, processed just 6,797 bpd after processing nothing in January, when the company said it was affected by crude salinity problems.
Pemex produced 334,791 bpd of gasoline in February, up 8% year-on-year, and 168,452 bpd of diesel, very similar to the volume in the same month of 2024.
Fuel oil production fell by 26% in February to 220,752 bpd, of which Pemex exported 183,426 bpd.
Meanwhile, February gasoline imports were 33% lower year-on-year and 15% lower than in January.
Pemex's target is to maintain average crude oil production of 1.8 million bpd during Sheinbaum's six-year term, aiming to process most of that in Mexico to produce the fuels Mexico needs domestically.
