Pemex Forecasts Production Recovery to Snap Slump
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Petroleos Mexicanos, the world’s fourth-largest oil producer, said it expects to turn around declining output in the first half to post its first annual increase in eight years.
Pemex, as the state-owned company is known, is set to meet its annual target of averaging more than last year’s 2.55 million barrels a day and have “significantly larger numbers” by the end of 2012, Chief Executive Officer Juan Jose Suarez Coppel said today in an interview at Bloomberg’s New York headquarters. The first-half average was 2.54 million barrels.