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Mexico Pemex crude production dips, exports gain in Oct
November 24, 2012 / 6:51 PM / in 5 years

Mexico Pemex crude production dips, exports gain in Oct

MEXICO CITY, Nov 24 (Reuters) - Mexico state oil monopoly Pemex produced 2.542 million barrels per day (bpd) of crude oil in October, its lowest in three months, the company said on Saturday.

The October figure represents a slight dip from September’s rate of 2.555 million bpd, and the lowest since July.

However, the company’s crude oil exports rose to 1.367 million bpd in October, above the 1.339 rate notched the month prior.

Pemex is the world’s No. 7 oil producer. The Mexican government relies on oil revenues to fund about a third of the federal budget.

If Pemex cannot develop new discoveries to replace declining production at the country’s largest, aging fields, Mexico risks becoming a net importer of crude within a decade.

Mexican President-elect Enrique Pena Nieto of the Institutional Revolutionary Party (PRI) has said one of his top priorities is to boost oil production by attracting more private investment into the country’s energy sector. Pena Nieto will take office Dec. 1.

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