Mexican oil output slightly below target agreed with OPEC+, minister says


Mexico is producing slightly less crude than the target it agreed to with the OPEC+ oil producers last year, Mexican Energy Minister Rocio Nahle said on Tuesday.

Mexico’s state oil company Pemex produced an average of 1.66 million barrels per day (bpd) of crude between January and February, according to its official data, while independent producers have this year added some 58,000 bpd to Mexico’s output for a total of around 1.72 million bpd.

“We are fine, we are fulfilling our target and the commitment Mexico made before OPEC+, which is 1.753 million bpd,” Nahle said at a virtual convention organized by Mexico’s Association of Hydrocarbon Companies. “We are slightly below that, which gives us flexibility to continue working.”

OPEC, Russia and their allies, known as OPEC+, are expected to stick to plans for a phased easing of oil output restrictions from May to July amid upbeat forecasts for a recovery in global demand. The group ditched plans to hold a ministerial meeting on Wednesday, according to sources, after a market monitoring meeting on Tuesday.