Mexico oil output, exports wane in 2007

MEXICO CITY, Jan 21 (Reuters) – Storm disruption and the decline of a major oil field left Mexico’s crude oil output and export volumes lower in 2007, although soaring global oil prices ensured record foreign oil sales.

December data from state-owned oil monopoly Pemex on Monday showed crude exports fell sharply to 1.496 million barrels per day from 1.872 million bpd in November, leaving average exports for 2007 down 6 percent on the year at 1.686 million bpd.


December oil production rose to 2.954 million barrels per day from 2.901 million bpd in November. But weather disruption and sliding output at the huge but matured Cantarell offshore field left average output for 2007 at 3.082 million bpd, down 5.3 percent from 2006 and a whisker short of Pemex’s target.

Mexican crude exports were hit in December by bad weather that delayed shipments at the country’s main oil ports.

Bad weather continued to dog Pemex this year, making analysts anxious about supplies to the United States which buys more than 80 percent of Mexico’s oil exports and relies on its southern neighbor as one of its top three crude suppliers.

Reuters