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Mexico to Cut Oil Production Amid Fall in Prices, State Company Spending

© East News / Polaris ImagesVeracruz, Mexico: La Muralla IV, semi-submersible drilling rig for ultra deep water operations, owned by Mexican Grupo R and operated by Pemex, the state-owned Mexican oil company
Veracruz, Mexico: La Muralla IV, semi-submersible drilling rig for ultra deep water operations, owned by Mexican Grupo R and operated by Pemex, the state-owned Mexican oil company - Sputnik International
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Petroleos Mexicanos Exploration and Production Director General Gustavo Hernandez Garcia says that 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.

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.

Oil Pump Jack - Sputnik International
Mexico Expects Oil Prices to Reach $70-100 Per Barrel by 2018
Speaking to reporters in Mexico City on Thursday, the director general also said that Mexico plans to postpone its plans to increase daily oil production to 3 million barrels until 2020.

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.

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