By August 23, 2016 0 Comments Read More →

Pemex says crude output dipped in July, exports up

Pemex

In July, Pemex crude production averaged 2.157 million barrels of oil per day, below the 2.178 million averaged in June.

Pemex production down .96 per cent

MEXICO CITY, Aug 23 (Reuters) – Crude oil production at Mexican state-owned Pemex dipped in July compared with the prior month, while exports rose 4.37 percent, the company said on Tuesday.

According to Pemex’s website, crude oil production averaged 2.157 million barrels per day (b/d) in July, 0.96 percent below the 2.178 million averaged in June.

In contrast, exports rose 4.37 percent to 1.146 million b/d in July, up from 1.098 million in the prior month.

Pemex has been struggling with a decline in international crude prices, heavy financial losses and safety problems. Crude output has fallen by about a third since peaking in 2004.

The company has announced a series of budget cuts, most of which will hit its exploration and production budget. The company now expects output to average 2.13 million bpd for 2016.

(Reporting by Luis Rojas; editing by Grant McCool)

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