Mexico Annual Oil Output Falls Below 2 Million Barrels a Day

MEXICO CITY (AP) — Mexico’s annual crude oil and gas output has fallen below 2 million barrels per day for the first time since comparable yearly records were kept starting in 1990.

State-owned oil company Petroleos Mexicanos reported average daily output for 2017 was about 52,000 barrels short of the 2 million mark.

Production has fallen steadily after peaking at almost 3.4 million barrels of oil equivalent per day between 2003 and 2005 as Pemex struggles to find new reserves to replace aging, shallow water fields.

Figures dipped below the 2 million barrel mark on a monthly basis starting in July.

The company was unable Monday to provide data from before 1990, when crude output ran at about 2.5 million barrels per day.

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