Pemex reports on oil production and exports
Mexico's state-owned oil monopoly Petroleos Mexicanos, or Pemex, produced 3.32 mm bpd of crude oil in February, of
which it exported 1.88 mm bpd. Crude output was up from 3.14 mm bpd in February 2002, but slightly below January's
record 3.33 mm bpd.
Pemex said its average exports of 1.88 mm bpd of crude oil last month were up sharply from 1.58 mm bpd in February
2002 and above January's 1.79 mm bpd. February's average price was $ 27.95, little changed from the revised $ 27.96
in January, but well above the $ 16.10 a barrel that Pemex earned in February 2002.
Pemex raised its exports in January and February in response to supply concerns stemming from the expected war in
Iraq and from Venezuela's strike, which curtailed supplies from the South American producer from December to
February. Pemex's February crude output included 2.35 mm bpd of heavy Maya crude, 526,000 bpd of light Isthmus crude
and 452,000 bpd of superlight Olmeca crude.
Pemex's crude exports to the Americas -- mainly the US -- averaged 1.59 mm bpd in February, up from 1.45 mm bpd in
the year-ago month and from 1.54 mm bpd in January. Pemex also exports to Europe and Asia. Pemex said that in
February it exported 1.64 bpd of Maya crude at $ 27.28 a barrel, 28,000 bpd of Isthmus crude at $ 31.98 a barrel and
211,000 bpd of Olmeca crude at $ 32.86 a barrel.
Natural gas production in February averaged 4.437 bn cfpd, compared with 4.443 bn cfpd in February 2022, and 4.447 bn
cfpd in January. Pemex is aiming to produce an average of 3.4 mm bpd of crude oil this year, raising that to 4 mm bpd
by 2006.
The company reported record production of 3.42 mm barrels of crude on March 9.
