Supplement, Oil & Energy

Pemex’s oil exports fall by 11pc

Published : 26 May 2019 12:04 PM | Updated : 05 Sep 2020 06:20 AM

Pemex's oil exports dropped by 11 percent in April compared to the previous month, while production slipped by 0.9 percent , data from the Mexican state oil firm showed on Friday.

Exports of Maya crude, the only type Pemex has been selling abroad for almost a year, fell to 1.023 million barrels per day (bpd) in April from 1.150 million bpd in March, the data showed. Crude output dipped to 1.675 million bpd from 1.691 million bpd, reports agencies.

Pemex has been struggling to cope with financial debts of some $106 billion and years of dwindling output. President Andres Manuel Lopez Obrador has pledged to revive the company, cutting its tax bill and lifting oil production by at least 50% by the end of his administration in 2024.