Production down 1.8 per cent in April
MEXICO CITY, May 23 (Reuters) – Crude oil production at Mexican state-owned Pemex declined 1.8 per cent in April compared with the prior month, while exports rose by nearly the same amount, the company said on Monday.
According to the company’s website, crude oil production averaged 2.177 million barrels per day (bpd) last month, down from 2.217 million in March. In contrast, exports increased 1.7 percent to 1.081 million bpd in April, from 1.063 million 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.
Pemex will also soon face increased competition at home due to a major energy sector opening aimed at trying to reverse a decade-long slide in crude output.
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 Adriana Barrera; Editing by Sandra Maler)