Pemex Cuts Crude Goal as Cantarell Wanes Ahead of Energy Debate
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Petroleos Mexicanos, the world’s fifth-largest oil producer, lowered a year-end 2013 output goal after failing to maintain crude from its Cantarell field.
While Mexico’s state-owned company known as Pemex plans to increase production in the second-half of the year, the average at year-end will be 2.541 million barrels a day, Carlos Morales, head of production and exploration, said today on a call with analysts. The estimate is 0.3 percent lower than December’s average of 2.549 million and 0.6 percent below the company’s goal to produce more than 2.55 million barrels this year.