By July 25, 2016 Read More →

Pemex says crude output flat in June, exports down


Pemex exports fell almost nine per cent to 1.10 million b/d in June, down from 1.2 million in May.

Pemex production down about one-third since 2004

MEXICO CITY, July 25 (Reuters) – Crude oil production at Mexican state-owned Pemex was flat in June compared with the prior month, while exports fell slightly, the company said on Monday.

According to Pemex’s website, crude oil production averaged 2.18 million barrels per day (b/d) in June, slightly up from 2.17 million in May.

In contrast, exports fell almost 9 percent to 1.10 million b/d in June, down from 1.20 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 b/d for 2016.

(Reporting by David Alire Garcia and Christine Murray; Editing by Leslie Adler)

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