August 23, 2017 / 11:38 PM / 2 years ago

Crude oil production at Mexico's Pemex hits 22-year low

FILE PHOTO-The logo of Mexico's state-owned company Pemex is pictured at a refinery in Cadereyta, on the outskirts of Monterrey, Mexico, April 20, 2017. REUTERS/Daniel Becerril/File Photo

MEXICO CITY (Reuters) - Monthly crude production from Mexican national oil company Pemex fell below 2 million barrels per day in July for the first time in more than two decades, according to company data released on Wednesday.

Average crude output in July was 1.99 million bpd. The monthly average was the lowest level of crude production for Pemex, officially known as Petroleos Mexicanos, since Hurricane Roxanne severely disrupted operations in October 1995, pushing down output that month to 1.90 million bpd.

Pemex has experienced a 13-year streak of declining oil output. Seeking to reverse the trend, a landmark oil opening finalized in 2014 ended the firm’s monopoly while allowing private producers to operate their own fields for the first time in decades.

Scheduled maintenance on a major Floating Production and Storage Offloading vessel in the Bay of Campeche, home to Pemex’s most productive oil fields, contributed a loss of about 90,000 bpd to the July total, according to a Pemex representative.

So far this year, average crude production stands at 2.01 million bpd.

Reporting by Ana Isabel Martinez and David Alire Garcia; Editing by Peter Cooney

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