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Pemex's Oil Exports Tumble

May 28, 2019

Pemex's oil exports dropped by 11% in April compared to the previous month, while production slipped by 0.9%, data from the Mexican state oil firm showed on Friday.

Exports of Maya crude, the only type Pemex has been selling abroad for almost a year, fell to 1.023 million barrels per day (bpd) in April from 1.150 million bpd in March, the data showed. Crude output dipped to 1.675 million bpd from 1.691 million bpd.

Pemex has been struggling to cope with financial debts of some $106 billion and years of dwindling output. President Andres Manuel Lopez Obrador has pledged to revive the company, cutting its tax bill and lifting oil production by at least 50% by the end of his administration in 2024. 

(Reporting by Ana Isabel Martinez Editing by Leslie Adler)



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