Data shows that Pemex, Mexico's national oil company, saw a 4.4% year-on-year decrease in crude oil and condensate production in October, to 1.64 million barrels per day, despite an increase in crude oil processing at its refineries that month.

The article indicates that Pemex's 4.4% year-on-year decrease in crude oil and condensate production in October, to 1.64 million barrels per day, suggests a significant contraction on the supply side; simultaneously, increased crude oil processing at refineries reflects continued strong demand. The combined effect of reduced supply and increased demand will push up spot crude oil prices, providing upward support.

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