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Pemex Refining Jumps 21.9% in Q1 2026 as Output Shifts to Higher-Value Fuels

Pemex credits the Olmeca ramp plus Tula’s coker for a shift toward higher‑value fuels.

Overview

  • Pemex said crude runs averaged 1.141 million barrels per day in Q1 2026, the highest quarterly level in 11 years after five straight quarters of growth.
  • Total fuel output reached 1.110 million barrels per day, with gasoline at 390,000 and diesel at 286,000, raising distillates to 65.7% of production.
  • Heavy fuel oil fell to 161,000 barrels per day, a 33.1% drop from 2025 averages.
  • The company attributed the gains to the Olmeca refinery adding 164,000 barrels per day and Tula increasing 39,000 after its coker began continuous service in July 2025.
  • Higher domestic supply cut fuel imports by 23.3% and lifted internal sales by 4.2%, while the Pemex-branded network reached 7,520 stations by March 31.