MEXICO CITY (Sputnik) – Mexico has revised its oil production plan, reducing daily production for 2015 by about 5 percent, from 2.4 million to 2.29 million barrels a day, Pemex (Petroleos Mexicanos) Exploration and Production Director General Gustavo Hernandez Garcia has announced.
According to Hernandez, the decision has to do with the $4.1 billion cut in spending of the state-owned Pemex, which was approved in February, as well as the global decline in oil prices.
Since last June, global oil prices fell by about 50 percent due to market oversupply and large crude oil stockpiles. Current prices stand at around $50 per barrel.
On Tuesday, Mexico's Energy Secretary Pedro Joaquin Coldwell told journalists that the country's government expects international oil prices to stabilize at around $70-100 per barrel by 2018.