MEXICO: Crude oil exports from Mexico’s state oil company Pemex dipped 7.9 percent in November from the previous month, while production was virtually unchanged, the company said on Thursday.
Average exports fell to 1.179 million barrels per day (bpd) from 1.280 million bpd in October, as a drop in shipments to Europe and the Far East more than offset an increase in crude sent to the United States, according to Pemex data.
Production eased by 0.1 percent to 2.277 million bpd from 2.279 million bpd a month earlier, the company said.
Mexican crude output has fallen by a third since peaking at nearly 3.4 million bpd in 2004.
President Enrique Pena Nieto’s 2013-2014 energy reform, which ended Pemex’s 75-year monopoly, opening up production and exploration to private companies, aims to reverse the drop.
There are signs the decline may be bottoming out.
Average crude production in the second half of 2015 is on track to outpace the previous six months for the first time since the close of 2012, according to Pemex’s figures.
