Production Over A Barrel

May 2008 | Data Release

As the value of Mexico's total oil basket grew 9.7% m-o-m to reach a new high of US$88.10 per barrel (bbl), production fell 10.7% y-o-y in March to 3.2mn barrels per day (bpd), following a decline of 7.2% y-o-y the previous month. The value of exports rose 59.4% y-o-y to US$4.4bn from US$3.2bn in February, as the proportion of oil exported grew from 48.8% to 57.2%. The vast majority of oil exports go northwards to the US, which took 84.0% in March, but this was the lowest share for over two years, as US oil imports from Mexico continued to fall, by 15.3% y-o-y. In March, state oil monopoly Pemex was given MXN10bn of additional funds to improve infrastructure and efficiency, but with discussions on much-needed energy reform having been first interrupted and now drawn out, the outlook for more fundamental reform is looking more pessimistic.

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