Pemel Oil Output Drops for Eighth Year on Target Miss

Petroleos Mexicanos, the world’s fourth-largest oil producer, fell short of its 2012 output target of more than 2.55 million barrels a day as production declined for the eighth consecutive year.

Pemex, as the state-owned company is known, pumped an average of 2.549 million barrels a day in 2012, according to a preliminary weekly report on the company’s website today. Production has fallen each year since 2004, when Pemex’s output was 3.38 million barrels a day, according to data compiled by Bloomberg.

Pemex expected to increase output as new wells came online, then-Chief Executive Officer Juan Jose Suarez Coppel said July 20. The Mexico City-based producer pumped 2.55 million barrels a day in 2011.

In November, Pemex produced the most crude in almost two years with a daily average of 2.577 million barrels. Production in December remained at the same level.

CEO Emilio Lozoya took over Dec. 1, after the arrival of Mexico’s new president Enrique Pena Nieto and his cabinet.

Saudi Aramco, the National Iranian Oil Co. and Petroleos de Venezuela are the world’s three largest producers of crude oil, according to date compiled by Bloomberg.

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