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Tuesday, February 19, 2019

PEMEX Oil Production Declines Continue

PEMEX ended the year just above its 3 year low in crude production, at 1.7 Million BOPD in December.  That's a 600K BPOD decline over the previous three years:



Declines in 2018 have been concentrated in offshore production, with marine crude output down from about 1.6 to 1.4 MMBOPD.  But proportional declines are evident in both the south and north region as well:


On a brighter note, natural gas output continues to show stabilization over 2018 after a multi-year decline: