PEMEX - Oil Output Barely Up In May (22KB/D) But Jan-May Output Down 9.3% YOY

[hatrack]

Mexico's oil production managed a slight increase of 22,000 barrels in May compared to April, but it reported a 9.3 per cent drop in total volume in the first five months of this year compared to the same period of 2007, for an average of 2.859 million barrels per day.

With that, oil exports from January through May totalled 1.462 million barrels per day, i.e., 252,800 barrels less than in the same period of last year. That represents a 14.7 per cent drop because of the decline in the production of Cantarell, Mexican Petroleum reported.

With that, crude oil sales abroad generated $19.859 billion in revenue, at a weighted price of $89.40 per barrel. That price is 76 per cent greater than that obtained in the same period of last year and is equivalent to almost double the estimate used in the 2008 Expenditures Budget of the Federation. That amount is 51.2 per cent greater than that obtained in the same period of 2007.

In May alone, crude oil production was 2.798 million barrels per day, or 312,000 barrels less than in the same month of last year. That was the result of the decline of Cantarell, whose production fell by 439,000 barrels compared to the same month of 2007, and "other situations of an operational nature." Officials at the parastate company have mentioned leaks in a pipeline that affected production in April and May, but no details have been provided officially by the parastate company.

EDIT

http://www.redorbit.com/news/business/1448536/mexican_p...

[tama]

1. Shortages of Diesel at US/Mexico border

with demand from US drivers coming to pump:
http://www.peakoil.com/fortopic41821.html

[GliderGuider]

2. Output dropped 9.3% but exports dropped 14.7% ... that pattern seems familiar

I wonder if the speculators are causing the Export Land Model too...

[tama]

3. Of course they are

It's the speculators that are causing global net oil exports to decrease since 2005: http://netoilexports.blogspot.com /

The speculators are causing shortages and gas lines at US/Mexico border, Pakistan, China, India and many other places.

The speculators are causing North sea to peak, Indonesia to peak, Mexico's Cantarell to Peak, Russia to peak, Saudi Arabia not able to increase production, the speculators caused US to peak in 1970.

The speculators are hiding the oil somewhere!!!

[GliderGuider]

4. I think they're hiding it with the WMDs...you know, to protect it.

Nice to meet you, tama!