Mexico's Energy Secretariat: Mexico to cut 40.000 bpd

Published March 25th, 2001 - 02:00 GMT

Mexico's Energy Secretariat said Friday that Mexico will reduce its crude oil exports by 40,000 barrels a day as of April 1 in support of an OPEC decision to cut quotas by 1 million barrels a day, press reported. 

 

The reduction will cut about 2.3 percent from Mexico's current exports of 1.75 million barrels a day. 

 

OPEC agreed at its ministerial meeting in Vienna earlier this month to reduce quotas by around 4 percent to counter an expected drop in demand in the second quarter.  

 

Mexico is not a member of OPEC but has collaborated with the group on output for the past three years. It attended the OPEC meeting as an observer. 

 

Mexico's oil company PEMEX oil produced 3.14 million barrels a day of crude oil in February, up from 2.9 million b/d produced last February, according to data released Friday.  

 

Pemex said it exported 1.76 million b/d of crude in February, compared with 1.53 million b/d in February 2000.  

 

Pemex said the average price of its crude oil basket in February was $20.17 a barrel, compared with $25.65 in February 2000.  

 

Pemex exported 1.29 million b/d of heavy Maya crude at $18.43 a barrel; 109,000 b/d of light Isthmus crude at $24.02 a barrel; and 360,000 b/d of super light Olmeca crude at $25.62 a barrel.  

 

Of total February exports, 1.39 million barrels a day were shipped to the U.S. and other parts of the Americas. Pemex exported 214,000 b/d to Europe, and 152,000 b/d to Asia. 

 

Pemex's February crude output also was higher than the 3.01 million b/d produced in January. All of the increase was in heavy crude, which averaged 1.92 million b/d last month.  

 

Pemex officials said this week that output capacity at the offshore Cantarell field is currently 1.83 million b/d, and is expected to reach 2 million b/d this year. Cantarell, which produces heavy crude, is Mexico's largest oilfield.  

(petroleumworld)  

© 2001 Mena Report (www.menareport.com)

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