Mexico Feb Oil Output Drops

28 March 2010 (Last Updated March 28th, 2010 18:30)

Mexican oil production dropped in February at a slower rate than last year, indicating state oil monopoly Pemex is successfully controlling the decline. According to Pemex, crude output was 2.61 million bpd, 5,000bpd lower than in January, and 2% below the year-ago level in February

Mexican oil production dropped in February at a slower rate than last year, indicating state oil monopoly Pemex is successfully controlling the decline.

According to Pemex, crude output was 2.61 million bpd, 5,000bpd lower than in January, and 2% below the year-ago level in February.

In 2009, production fell 9% in February, reports Reuters.

February output, however, was still 7,000bpd higher than planned.

Sliding oil production has put pressure on Mexico's public finances, which depend heavily on export revenues to fund its federal budget.

Mexico is among the top four exporters of crude oil to the USA.