November 25, 2017 / 4:48 AM / a year ago

Crude oil output, exports at Mexico's Pemex rise in October

FILE PHOTO: Tanks holding fuel of state-owned company Petroleos Mexicanos (PEMEX) are seen at a storage facility, in Ciudad Juarez, Mexico October 4, 2017. REUTERS/Jose Luis Gonzalez

MEXICO CITY (Reuters) - Production and exports of crude oil at Mexican state oil company Petroleos Mexicanos, or Pemex, increased in October, the firm said on Friday.

Crude output rose by 9.9 percent from the previous month to 1.902 million barrels per day (bpd) after suffering a sharp drop in September, according to Pemex data published online.

Exports increased by 15.8 percent to 1.342 million bpd, the highest total since September 2016.

Pemex’s crude output has been falling steadily since 2004, although an energy reform now underway is bringing billions of dollars worth of fresh investment to the industry.

Still, the results of that reform are expected to take years to have a sizeable impact on output.

Reporting by Dave Graham; Editing by Christian Schmollinger

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