Mexico lowers crude production plan under 2021 budget

摘要

Under its proposed 2021 budget,the Mexican government has lowered its 2021 crude production target for Pemex by 11% from the company's 2019 business plant to 1.86MM b/d.The reduction comes after the Mexican government acknowledged reduced federal spending across the entice Mexican economy due to the effects of the COVID-19 pandemic.Pemex's 2021 budget was set at $25.3B,up 4% from its 2020 budget,with a majority of that budget allocated for exploration and production spending.Given this lower production figure,crude exports from the country are now set to fall by 23% from the 1.13MM b/d exported over the first seven months of this year to 870K b/d.