Mexico’s Pemex Sees Oil Production in July Fall to Lowest Level in 40 Years

Mexican state oil company Petróleos Mexicanos (Pemex) reported crude oil production of 1.595 million b/d in July, its lowest monthly output since 1979.

The figure was down from 1.671 million b/d in the comparable period last year.

Natural gas output rose slightly in July to 3.752 Bcf/d, compared to 3.742 Bcf/d in July last year. 

At the start of 2020, the oil and gas giant had been able to stabilize years of declining production. But despite pushing ahead with exploration and production plans during the worst of the coronavirus, Pemex has now registered four consecutive months of falling crude oil production.

In May and June, Mexico agreed to voluntary slash output by 100,000 b/d as part of a supply-side plan by the Organization of Petroleum Exporting Countries (OPEC)...