Cantarell, one of the largest oilfields ever discovered and which provided 60% of Mexican production at its peak, has declined faster than expected in recent years.

This has eroded Mexico's overall crude output and exports, leaving Pemex scrambling to find and develop new reserves to compensate.

In its latest monthly Oil Market report, the IEA predicts average production of around 600,000 barrels per day at Cantarell this year, compared with Pemex' target of 756,000 bpd.

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