Pemex March Crude Oil Exports Hit Record Low

Mexican national oil company Pemex said on Friday that March crude exports fell to a record low of just above 1 million barrels per day (bpd), while oil output for the month also dipped.

 

Pemex's March crude shipments averaged 1.001 million bpd, the lowest level of monthly exports going back to at least 1990 when records began. March exports were down nearly 6 percent compared with the same month last year.

 

Meanwhile, crude production during the month fell 9 percent to average 2.018 million bpd.

 

Pemex's oil output hit a peak of 3.38 million bpd in 2004, but since then has steadily declined.

 

A four-year-old energy overhaul that ended Pemex's decades-long monopoly on production led to the first-ever competitive oil auctions and joint venture partnerships, but fresh output streams from new entrants in the market are not expected for several years.

 

On Wednesday, despite lower oil production, Pemex reported its first quarterly profit in five years on higher sales and rising prices, gaining some $4.7 billion during the January-March period.


(Reporting by David Alire Garcia; Editing by Andrew Hay)