Mexican Oil Production Stabilises

Mexico’s state oil monopoly, Pemex, announced today that the company produced 2.550 mbpd of crude oil in August, compared with 2.523 mbpd in July, marking its highest level of output so far this year. The company also reported a 19.9% jump in crude exports from the month earlier, to 1.347 mbpd, with a large jump in exports to Asian and other customers excluding the US and Europe. As the world’s seventh largest oil producer, Pemex has managed to slow a dramatic decline in production at its largest aging fields, most notably the giant Cantarell field. In 2008, oil reform legislation opened up the nationalized industry to more private investment, which could help Pemex raise its production towards 3 mbpd by 2018, with an incremental 130-160 kbpd of supply available by 2014, according to the company. Download here