Saturday, April 30, 2016

Mexico Oil and Gas Production Declines Continue in March

Pemex reported March production this week, confirming that ongoing promises of a recovery in output are still unrealized.  Liquids (85% oil, 15% NGL) were down to their lowest level ever, and natural gas output logged a sixth month of sharp declines, down almost 1/2 a BCFD since September.  This corresponds with increased imports from the US over the same period.