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Mexico Lowers Pemex Oil Output Forecast After Platform Woes

  • Ministry expects output of 1.826 million barrels a day in 2022
  • Oil price seen at $55.10 a barrel, according to budget draft
      

Photographer: Susana Gonzalez/Bloomberg

Mexico cut its forecast for oil production at Petroleos Mexicanos next year and reduced its tax burden after a string of accidents at offshore platforms signaled the highly indebted state company is struggling. 

The country’s Finance Ministry lowered a preliminary estimate for crude output in 2022 to 1.826 million barrels a day, from a March 31 forecast of 1.867 million, according to a draft of next year’s budget proposal. It’s also reducing the profit-sharing duty that Pemex has to pay the government to 40% next year, from 54% in 2021.