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Pemex Crude Production Falls to Lowest Since 1979

OIL

Mexico’s Pemex crude oil production fell to the lowest monthly level since 1979 to 1.55mbpd in February according to company data published on Monday cited by Reuters.

  • Crude oil output remained well below the target set by outgoing President Andres Manuel Lopez Obrador of 1.9mbpd.
  • February output fell 2.4% y/y, even with the unusual addition of condensate liquids counted towards the overall number which amounted to 276kbpd.
  • Production has been on a gradual decline from a peak of 3.4mbpd two decades ago with new discoveries failing to offset the decline from aging oil fields.
  • Crude processed at Pemex's six refineries rose 17% y/y producing 371kbpd of gasoline and 113kbpd of diesel during the first two months of this year.
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