Mexico crude production steady in May

Production totals: Pemex output stayed flat month over month

AFP/Scanpix

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By News wires

 22 June 2012 20:05 GMT

Mexico's state oil monopoly Pemex said on Friday crude oil output in May was 2.542 million barrels per day, little changed from the 2.540 million bpd produced in April.

Pemex said oil exports in May were 1.198 million bpd, down from 1.243 million bpd during the previous month, Reuters reported.

Mexico relies on oil revenues to fund about a third of the federal budget, so any fall in output can put a strain on government finances.

The state-owned oil giant has managed to stabilize production since 2009, slowing the natural rate of decline at its largest, aging fields. Oil output peaked in 2004 at around 3.4 million bpd.

The company has struggled to replace lost production with new exploration projects and is hoping…

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