Mexican Oil Production Increased In March

- May 07, 2020-

Mexico City, May 6 (Reuters) -- Mexico's state oil company, Petroleos Mexicanos, ramped up crude production to 1.745 million barrels a day in March while processing more crude at its domestic refineries, according to official data released by Reuters on Tuesday.

Mexico has agreed to cut output by 100,000 barrels a day as part of OPEC + efforts to boost oil prices.

The cuts will take effect this month.

Rocio Nahle, Mexico's energy minister, said the country would only cut production in May and June.

The cuts are expected to mainly affect newly developed fields, and Pemex's shallow-water production is known to be used for domestic refining.

According to official figures, Pemex's output, which includes Shared fields, has continued to rise this year from 1.724 million barrels a day in January.

Last week, the company announced a first-quarter loss of nearly $24 billion and a $1.9 billion cut in its investment budget.

The Pemex refinery's crude oil production rose to nearly 600,000 barrels a day in March from 464,018 barrels a day the previous month, according to official data.

Pemex says it produced 717,400 barrels of fuel a day last month.