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LatinNews Daily - 03 September 2019

In brief: López Obrador expects boost in Pemex oil production

* In his recent state of the nation address, Mexico’s President Andrés Manuel López Obrador has predicted that by December 2019 Mexico’s state-owned oil company Pemex will increase production by 50,000 barrels per day (bpd). New figures from Mexico’s finance ministry (SHCP) show that oil production at Pemex reached only 1.6m bpd in the period January-July 2019, compared to a forecast of 1.8m bpd. López Obrador claimed that his government has prevented further decline in oil production, saying: “it is a source of pride to inform that for the first time in 14 years we have stopped the progressive fall in oil production”. López Obrador stated production in Pemex’s six refineries is up from 32% to 42% capacity and he noted construction has begun on an additional refinery in Tabasco state. He also stated oil theft has been reduced by 94%, equating to a saving of M$50bn (US$2.98m) this year for Pemex.

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