Eric Watkins
Senior Correspondent
LOS ANGELES, Apr. 29 -- Mexico will reduce its crude oil exports to the US by an average of 184,000 b/d throughout 2008, a situation that could continue for 2 years longer, reported a Mexican media outlet.
Citing PMI Comercio Internacional, the Petroleos Mexicanos affiliate in charge of marketing, El Universal newspaper said a reduction in US-bound exports for 2008—and possibly until 2010—was due to Mexico's reduced oil output.
It said the original plan for oil exports in 2008 envisioned some 1.678 million b/d heading to the international market, but the sales volume at the end of the first quarter stood at 1.499 million b/d, or 179,000 b/d less than initially anticipated.
El Universal said the US Energy Information Administration earlier this month predicted a 13.2% shortfall of imports from Mexico during the current fiscal year. According to EIA figures, Mexico exported 1.533 million b/d to the US in 2007.
Based on its December 2007 Short-Term Energy Outlook, EIA forecast Mexico would produce 3.52 million b/d of oil in 2007 and 3.32 million b/d in 2008. The decline in Mexican output is driven mainly by falling production at supergiant Cantarell field, according to EIA.
Contact Eric Watkins at hippalus@yahoo.com.
