Mexico's crude oil production fell below 2 million barrels per day

Declining local extraction will force the country to buy crude oil from the United States for the following year

The logo of Mexico's state-owned company Pemex is pictured at a refinery in Cadereyta, on the outskirts of Monterrey - Photo: Daniel Becerril/REUTERS
English 09/09/2017 13:00 Noé Cruz Serrano Actualizada 13:02
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Efforts to reach a crude oil production of more than 2 million barrels per day (bpd) by 2018 ended due to a limited budget proposal for hydrocarbons exploration and production, yet Mexico's Government expects to slightly increase the oil extraction by 2% next year in comparison to the end of 2017.

According to Mexico's 2018 Economic Package, crude oil production is expected to increase from 1,944,000 bpd to 1,983,000 bpd,  983,000 bpd, a lower volume than previously stipulated.

This situation will force, since the 2018 Economic Package implied a budget, the purchase of 2,036,000.6 bpd of light crude oil to the United States, equivalent to 5,000.6 bpd.

The purchased oil will be destined to the National Refining System (Sistema Nacional de Refinación abbreviated SNR) to carry out "the level recovery of the crude process-from the refineries operated by Mexican National Oil Company (Petróleos Mexicanos abbreviated Pemex)-on a trajectory to an optimum economy."

The expected oil production volume is less than originally forecasted by the Ministry of Finance published last March, estimating 2 ,006,000 bpd on average.

An estimate of 1,983,000 bpd for 2018 is lower in 697,000 bpd expected in 2016 in the Energy Sector Program 2013–2018 expecting to close the administration with a volume of 2,680,000 bpd.


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