29-04-08

Mexico will reduce its crude oil exports to the US by an average of 184,000 bpd throughout 2008, a situation that could continue for 2 years longer.
According to PMI Comercio Internacional, the Petroleos Mexicanos affiliate in charge of marketing, 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 mm bpd heading to the international market, but the sales volume at the end of the first quarter stood at 1.499 mm bpd, or 179,000 bpd less than initially anticipated.
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 mm bpd to the US in 2007.

Based on its December 2007 Short-Term Energy Outlook, EIA forecast Mexico would produce 3.52 mm bpd of oil in 2007 and 3.32 mm bpd in 2008.
The decline in Mexican output is driven mainly by falling production at supergiant Cantarell field, according to EIA.

Source: www.ogj.com