Mexican state-run oil company Pemex expects to steadily increase liquids production over the next few years to reach 2.296 million barrels per day (mmbbl/d) by the end of 2024, according to Reuters.

Octavio Romero, Pemex’s CEO, predicts Mexico’s national output hitting 1.94 mmbbl/d by the end of this year as new developments contribute more barrels.

Private output, which is not seen as being a major player,  is expected to reach just 70,000 bbl/d by the end of 2020, and some 280,000 bbl/d by 2024, the CEO forecast. 

President Andres Manuel Lopez Obrador has made raising oil output and domestic refining the top priorities of his six-year term, which ends in 2024.

Pemex shoulders more than $100 billion in financial debt, more than any other oil company, and has seen its oil output decline for 15 years.