In May, Mexico’s state-owned Petróleos Mexicanos (Pemex) cut crude oil output to below its quota level from the Organization of Petroleum Exporting Countries and its non-member allies (OPEC+).
Pemex produced 1.53 million bpd of crude in May, lower than the quota by 123,000 bpd.
Mexico’s national output reached 1.65 million bpd and it has agreed with the 100,000 bpd cut in May and June from a baseline of 1.75 million bpd.
According to the energy ministry, Mexico has no plans to deepen the output cut. The country’s position will have very little impact on a global scale.
Previously, Mexico has announced a plan to cut production in 2020, in addition to the OPEC+ cuts, on the back of the crashing oil prices. However, the country has yet mentioned the new output targets.
