Pemex announced that crude oil exports for May slumped to record lows, according to Reuters.
Mexico’s state oil firm said exports were 958,000 barrels per day (bpd), the lowest monthly number since records began in 1990. That compared to 1.017 million bpd in April.
Oil output, much of which is from offshore fields, did increase in May to 2.020m bpd as compared with April’s 2.012m bpd. But it is still a far cry from the 3.38m bpd heights of 2004.
Mexican authorities have been loosening Pemex’s monopoly grip on domestic oil production since a decision in 2013 to begin reforming the country’s energy sector.
Its purpose is to improve productivity and profitability with the aid of outsider expertise and market-driven incentives.
The past year has seen that initiative pick up pace with auctions for oil rights – offshore and onshore – inviting the participation of private and foreign companies including the biggest industry players.
After a lukewarm start the lease sales have been increasingly promising.
Still, it will be a matter of years yet before the results are seen, hence these latest monthly figures.