Jan. 21 (Bloomberg) -- Petroleos Mexicanos, the state- owned oil monopoly that accounts for 40 percent of the government's budget, said daily crude oil production fell 5.3 percent in 2007 and fell short of the company's goal.

Output fell to an average 3.08 million barrels a day because of storms and a decline at the company's biggest field, Mexico City-based Pemex said today in an e-mailed statement. Hurricane Dean in August and high winds in October shut down production in the Gulf of Mexico.

Pemex's daily oil output dropped below 3 million barrels for three months in 2007. Chief Executive Officer Jesus Reyes Heroles set a goal in June of keeping production at 3.1 million barrels a day until 2012.

To contact the reporter on this story: Andres R. Martinez in Mexico City at amartinez28@bloomberg.net

Last Updated: January 21, 2008 10:55 EST