The devastating pathology that the country faces
Summary
As a result of the reduction in demand for crude oil of almost 10% at the international level, caused by the stoppage of economic activities and the excess in the level of production, the price of oil has plummeted to levels never seen before. In this context, Petróleos Mexicanos (Pemex) maintained its production rate close to 1.7 million barrels per day in the most critical month -although in July it reduced to 1. 55 million barrels per day 2 its lowest level in 40 years-, which produces losses in the extraction of the most mature wells. For example, in the field in Akal where the average production cost (without considering taxes or administration expenses) is 17.27 dollars per barrel, the average price in April was 12.23 dollars per barrel, so it had a loss of $ 5.04 for each barrel that was extracted. Therefore, the oil production, alone generated a gross loss for (Pemex) of at least 82.6 million dollars during April, since only three of 199 active fields generated profits in the extraction. However, considering administrative expenses, the losses in oil production amount to 12,723 million pesos 3 during the second quarter of 2020.
