July 30 (Bloomberg) -- Petroleos Mexicanos, the state-owned oil company, cut its 2009 production forecast as its Cantarell field declines at a faster-than-expected pace.

Pemex will pump an average 2.65 million barrels a day this year, Carlos Morales, exploration and production director for the Mexico City-based company, said today on an earnings conference call with analysts and investors.

Earlier this year, the company said output would average 2.7 million to 2.8 million barrels a day. Pemex has pumped 2.628 million barrels a day in the first six months this year.

Last year, Pemex cut its forecast at least three times as Cantarell, its largest field then, dropped at rates more than twice as fast as the government had predicted. The output decline cost Mexico as least $20 billion in lost sales as oil prices reached a record.

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

Last Updated: July 30, 2009 13:35 EDT