Mexican oil production down nearly 10 %

Nov 21, 2008 01:00 AM

America's third-largest oil supplier has exported 17 % less crude this year.
Mexico's state-owned Petroleos Mexicanos company says daily production through October averaged 2.8 mm barrels, down nearly 10 % from the same period last year. Pemex says production has dropped by a third this year at Mexico's main Cantarell oil field.

An energy reform package approved by Mexico's Congress in October aims to reverse declining production by giving Pemex more leeway to hire private companies and devote more revenue to explore for oil.
Pemex has said production could drop by more than 25 % in three years without new discoveries.

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