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LatinNews Daily - 25 August 2020
In brief: Mexico’s Pemex registers slump in oil production
* Mexico’s state-owned oil firm Petróleos Mexicanos (Pemex) has released new figures which show that the company recorded an average daily production of 1.595m barrels of crude oil in July – which the local media report is the lowest monthly average in “four decades”. Pemex achieved its highest production this year in March (with 1.745m barrels per day registered) but has been unable to stop the falling rate of production since. In its most recently quarterly report released on 31 July, Pemex attributes the slump in production to factors which include a M$27.6bn (US$1.26bn) reduction in its annual investment expenditure due to “changes in the global oil industry” and consequently less resources to invest in exploration and extraction activities, among other things.
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