The drop is largely due to Pemex's inability to find new reserves
In this Nov. 22, 2013. file photo, the Centenario deep-water drilling platform stands off the coast of Veracruz, Mexico in the Gulf of Mexico. photo: AP/Dario Lopez-Mills, File, photo: AP/Dario Lopez-Mills, File
24 of August 2017 15:35:44
MEXICO CITY – Mexico's crude oil output has fallen below two million barrels per day for the first time since comparable records were kept starting in 1990.State-owned oil company Petróleos Mexicanos (Pemex) reports on its website that average daily output in July was about 14,300 barrels short of the 2 million mark.
Production has fallen steadily after peaking at as much as 3.4 million barrels per day between 2003 and 2005.The drop is largely due to the company's inability to find new reserves to replace aging, shallow-water fields.The company was unable Thursday to provide figures from before 1990, when crude output ran at about 2.5 million barrels per day.
Oil prices steady after rally on falling US crude stocks; storm heads into Gulf of Mexico https://t.co/JN4ltPWaiY— CNBC (@CNBC) August 24, 2017