Mexico is producing slightly less crude than the target it agreed to with the OPEC+ oil producers last year, Mexican Energy Minister Rocio Nahle said April 27.
Mexico’s state oil company Pemex produced an average of 1.66 million barrels per day (MMbbl/d) of crude between January and February, according to its official data, while independent producers have this year added some 58,000 bbl/d to Mexico’s output for a total of about 1.72 MMbbl/d.
“We are fine, we are fulfilling our target and the commitment Mexico made before OPEC+, which is 1.753 MMbbl/d,” Nahle said at a virtual convention organized by Mexico’s Association of Hydrocarbon Companies. “We are slightly below that, which gives us flexibility to continue working.”
OPEC, Russia and their allies, known as OPEC+, are expected to stick to plans for a phased easing of oil output restrictions from May to July amid upbeat forecasts for a recovery in global demand. The group ditched plans to hold a ministerial meeting April 28, according to sources, after a market monitoring meeting April 27.
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