Mexican state oil monopoly Petroleos Mexicanos said Friday it produced 2.59 million barrels a day of crude oil in December, up from 2.55 million in November but below the 2.72 million pumped a year earlier.

December’s production brought average crude output for all of 2009 to 2.6 million barrels a day, a 6.8% drop from 2008 levels.

A sharp decline at the giant offshore Cantarell oilfields led Pemex’s
crude production to fall steadily from a record 3.4 million barrels a
day in 2004. Pemex expects production to stabilize this year, and is
projecting minimum average output of 2.5 million barrels a day.

Pemex exported 1.29 million barrels a day of crude oil in December, up
from 1.22 million barrels a day in November but slightly less than the
1.33 million exported in the year-ago month.

Pemex said its mostly heavy export crude averaged $69.80 a barrel, down
from $72.44 a barrel in November but well above the $42.40 a barrel
earned in December 2008.

Full-year crude exports averaged 1.23 million barrels a day last year, down from 1.4 million in 2008.

While crude production continued to slip last year, Pemex’s natural gas
output averaged a record 7.031 billion cubic feet a day, up from 6.919
billion in 2008. In December, natural gas production was 6.872 billion
cubic feet a day, compared with 6.985 billion in November 2009 and
7.359 billion in December 2008.

Gasoline imports in December rose to 408,300 barrels a day from 385,600
in November and 306,800 in the year-ago month. Full-year imports fell
to 329,600 barrels a day from 340,500.

Mexico’s 2009 gasoline demand was practically unchanged from 2008 at
791,800 barrels a day, while Pemex’s own production rose to 472,200
barrels a day from 451,500.

Source: Dow Jones

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