Crude oil and condensate production in Mexico has been on a declining trend from 2.52 million barrels per day (MMbpd) in 2013 to 1.73 MMbpd in 2023, showing an overall downward trajectory. The year-on-year variation over the past two years indicated fluctuations with a minor dip in 2023 by -3.06%. The compound annual growth rate (CAGR) over the last 5 years averaged around -1.15%. The forecasted data from 2024 to 2028 suggests a continuing decline reflecting a forecast CAGR of -2.34%, translating into an overall growth rate decrease of -11.17% over the period.
Future trends to watch for include potential national and international policy changes around environmental regulations, technological advancements in extraction and production methods, potential new oil discoveries, and shifts in global oil prices and demand that could significantly impact Mexico's oil production landscape.