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Pemex Production Continues to Fall

Mexican state-owned oil company Pemex said Tuesday that crude production declined 1.8 percent in April compared with the prior month, Reuters reported. Crude oil production averaged 2.177 million barrels per day (bpd) last month, down from 2.217 million in March. The company now expects output to average 2.13 million bpd for 2016, according to the report.


Related: 2015 Worst Year For Oil Discoveries Since 1952

On the positive side, exports increased 1.7 percent to 1.081 million bpd in April, from 1.063 million the prior month. In April, Pemex said it trimmed first-quarter losses by more than a third compared with the same period last year, to $3.7 billion, despite continued output declines, the Financial Times reported. Total revenue fell by nearly 20 percent as the global prices for oil remained low. Natural gas production fell 10 percent in the quarter. However, experts say reforms in the natural gas sector are taking effect and will improve the industry’s outlook markedly in the months ahead.

By The Dialogue

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