Pemex Lowers Daily Oil Output Target to 2.9 Million Barrels

(Bloomberg) — Petroleos Mexicanos, the state-owned oil company, lowered its daily crude oil production target by 6.5 percent after a pipeline leak caused a larger-than-expected decline in April.

Chief Executive Officer Jesus Reyes Heroles said Pemex, as the Mexico City-based company is known, set a new daily production target of 2.9 million barrels, down from 3.1 million barrels. Output in April and part of May was hurt by the shutdown of a pipeline from its Ixtal oil field.


“It’s not been a good start for the year,” Reyes Heroles said today at the company’s annual conference in Monterrey.

Production in April may be the company’s lowest of the year, barring Gulf of Mexico storms that could shutdown wells later this year, Reyes Heroles said.

Bloomberg