Mexico's Pemex reports crude and condensate production of 1.65mln BPD in Q4, -1.3% Y/Y

• Q4 crude processing 1.14mln BPD, +45% Y/Y. 

Pemex's Q4 crude and condensate production of 1.65 million BPD marks a slight decline year-over-year, which may raise concerns about Mexico's long-term production capacity. However, the significant increase in crude processing at 1.14 million BPD indicates an operational strengthening that could support processing margins. This mixed signal suggests a nuanced impact on global crude supply and pricing, particularly for WTI and Brent benchmarks.