Mexico Oil Output Down

Mexico Oil Output Down

Mexico’s state-run oil company says output fell 9 percent to 2.87 million barrels a day in the first four months of the year, as production at its biggest oil field sagged.

Petroleos Mexicanos (Pemex) said output from its main Cantarell oil field dropped by 416,000 barrels a day, or 26 percent, from the same period last year.

That decline helped sink exports to 1.48 million barrels a day, down 13 percent from the year-ago period.

An energy reform bill proposed by President Felipe Calderon last month aims to boost flagging production by opening the sector to more private and foreign investors.

Oil income makes up about 40 percent of Mexico’s annual budget.

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