Pemex's Oil Output Up in Dec; Still Shy of '08 Levels

Mexico's state-run Pemex announced Friday that its crude output for December averaged 2.59 million barrels per day, an increase from 2.55 million bopd in November. In 2008, however, Pemex pumped 2.72 million bopd, and total 2009 output declined by 6.8% from the previous year.

Although output continues to wane at Pemex's offshore Cantarell oil fields, the Mexican oil monopoly expects its oil production to stabilize this year and has forecast a minimum average output of 2.5 million bopd. Cantarell peaked at 3.4 million bopd in 2004.

Additionally, Pemex's natural gas production averaged a record 7.031 billion cubic feet per day, compared with 6.919 Bcf in 2008.