MEXICO CITY (Reuters) - Mexican national oil company Pemex reported on Friday that August crude production dipped by 10 percent compared to the same month last year, marking two consecutive months with oil output coming in below 2 million barrels per day (bpd).
Pemex’s crude production peaked at 3.4 million bpd in 2004 but has been declining ever since.
August output averaged 1.93 million bpd, 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.
July crude output stood at 1.99 million bpd.
Natural gas production during August was down more than 11 percent compared to the same month in 2016, averaging 5.035 billion cubic feet per day.
Pemex’s August crude exports were also down. Crude shipments slid 12 percent to reach 1.114 million bpd.
Seeking to reverse the country’s stubborn output slump, a sweeping oil opening finalized in 2014 ended the company’s decades-long monopoly while allowing private producers to operate their own fields for the first time.
Through the first eight months of this year, average crude production stands at 2.00 million bpd.
Reporting by David Alire Garcia; Editing by Sandra Maler