Pemex At Lowest Levels Ever while Carstens Makes a Bid for IMF #peakoil #collapse #dsk

You can be sure that Carlos Slim is heavily invested in PEMEX bonds which essentially is privatizing without public support

Clipped from www.bloomberg.com

Pemex Oil Output Declines at Fastest Rate Since World War II

Jan. 20 (Bloomberg) — Petroleos Mexicanos, Mexico’s state
oil company, will probably report its fastest drop in production
since 1942, eroding revenue as plunging crude prices limit the
amount of cash available to drill for new reserves.

Pemex last year likely extracted 2.8 million barrels a day,
down about 9 percent from the 3.08 million a day pumped in 2007,
representing a total of $20 billion in lost sales, according to
data compiled by the government and Bloomberg. The Mexico City-
based company, which had revenue of $104 billion in 2007, plans
to report annual production figures tomorrow.

“The fall
in oil prices and lower production is going to make expensive
exploration projects less attractive now.”

Pemex’s “biggest problems have yet to come,” said
Alejandro Schtulmann, head of research at Empra, a political-
risk consulting firm in Mexico City, in an interview. “The fall
in oil prices and lower production is going to make expensive
exploration projects less attractive now.”

Read more at www.bloomberg.com

 

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