Pemex crude output hits record low; exports plunge 44.9% YoY in August

Pemex crude production fell to 1.336 million bpd in August, the lowest on record, while exports dropped 44.9% year-on-year. This reflects continued decline in Mexico's oil sector, likely due to underinvestment and maturing fields. The drop in exports could tighten global heavy crude supply, though Mexico's domestic refining may absorb some output.