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Mexico's oil and gas output drops to lowest level all year in November
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Mexico's oil and gas output drops to lowest level all year in November
Dec 24, 2024 7:05 AM

MEXICO CITY, Dec 24 (Reuters) - Mexico's production of

liquid hydrocarbon and natural gas in November fell to the

lowest levels recorded all year and was well below last year's

averages, official numbers published by the regulator showed.

November was also the second month the country missed the

1.8 million barrel-per-day production target for crude oil and

condensate, which President Claudia Sheinbaum has vowed to

maintain during her six-year term.

Mexico produced 1.747 million bpd of liquid hydrocarbon

products in November, the numbers published late on Monday

showed.

Of this, 1.488 million bpd consisted of crude oil and

259,000 bpd condensate, a very low-density, very low-viscosity

liquid hydrocarbon product that usually comes to the surface

with natural gas.

Mexico produced 3.531 billion cubic feet per day of natural

gas, also the lowest level recorded all year.

State behemoth Pemex, which continues to struggle despite

tens of billions of dollars in government support in recent

years, produces 94% of the country's liquid hydrocarbon products

and 95% of its natural gas.

Production has fallen swiftly from a height of 3.383 million

bpd two decades ago; older fields, especially those in the Gulf

of Mexico, declined and newer discoveries disappointed.

Reuters revealed earlier this year that without significant

spending on exploration and production, Mexico may even have to

import crude oil to feed its local refineries in the next

decade, a once unheard-of change of direction for the exporter.

President Sheinbaum has so far diverged little from her

predecessor and mentor, Andres Manuel Lopez Obrador, on energy

matters - except for her vigorous advocacy of boosting renewable

energy sources.

However, the scientist, who was decorated for her work on

climate change, has said little about how she plans to divert

dependence on fossil fuels or how to turn around the world's

most indebted energy company.

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