Mexico sees oil output slide continuing in 2010

MEXICO CITY (Reuters) – Mexico’s finance ministry expects the country’s crude oil exports to decline by 18 percent in 2010, implying that crude oil production will fall below 2.5 million bpd next year, according to a report delivered to Congress on Wednesday night.

The finance ministry estimated oil exports would drop to 1.125 million bpd in 2010 from 1.370 million bpd forecast for this year.

With no major additions to domestic refining capacity forecast for 2010, the projection implies that crude oil production will fall by approximately 245,000 bpd in 2010 to levels not seen since the late 1980’s.

Mexican oil exports are already under the 1.370 million bpd target forecast for 2009 by the finance ministry. Crude exports over the first two months of 2009 averaged 1.315 million bpd, according to state oil company Pemex.

Reuters