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LatinNews Daily - 18 February 2021

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In brief: Mexico’s Pemex hails end to falling oil production

* Mexico’s state-owned oil company, Petróleos Mexicanos (Pemex), has published 2020 production figures, which put total fuel production at 1.705m barrels per day (bpd), an increase of 4,000bpd compared to 2019. This ends a consecutive 15-year decline in oil production. In a statement the firm said that this increase comes despite the fact that Pemex was part of the OPEC+ agreement, signed by members of the Organization of the Petroleum Exporting Countries (Opec) and 10 non-Opec partner countries including Mexico, which agreed to reduce crude oil production in response to rapidly increasing global oil inventories in the first quarter of 2020. As a result, Pemex agreed to reduce its production by 100,000pbd and 9.2m in total from May to July 2020. The Pemex statement attributes the increased production to the exploitation of new oil fields, in which Pemex began production in the first half of 2019. According to statement, Pemex contributed 98.8% of total crude oil production in Mexico during 2020, with private companies making up the other 1.2%.