Mexico annual oil output falls below 2 million barrels a day
MEXICO CITY – Mexico’s annual crude oil and gas output has fallen below 2 million barrels per day for the first time since comparable records were kept starting in 1990.
State-owned oil company Petroleos Mexicanos reports on its website that average daily output in 2017 was about 52,000 barrels short of the 2 million mark.
Production has fallen steadily after peaking at almost 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 Monday to provide figures from before 1990, when crude output ran at about 2.5 million barrels per day.