Pemex to Cut Oil Production Amid Fall in Prices Sputnik
go to original March 13, 2015

Mexico's economy could suffer this year if global prices for oil remain low. Mexico relies on energy profits for about a third of its national budget. Al Jazeera's Adam Raney reports from the Gulf of Mexico. (Al Jazeera)

Mexico has revised its oil production plan, reducing daily production for 2015 by about 5 percent, from 2.4 million to 2.29 million barrels a day, Pemex (Petroleos Mexicanos) Exploration and Production Director General Gustavo Hernandez Garcia has announced.

According to Hernandez, the decision has to do with the $4.1 billion cut in spending of the state-owned Pemex, which was approved in February, as well as the global decline in oil prices.

Speaking to reporters in Mexico City on Thursday, the director general also said that Mexico plans to postpone its plans to increase daily oil production to 3 million barrels until 2020.

Read the rest at Sputnik

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