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Mexico lowers sights on oil production target

Friday, March 13, 2015

Mexico's National Hydrocarbons Commission lowered the country’s estimates for proven oil reserves and state-run Pemex cut its 2015 production forecast after crude prices collapsed and its budget was reduced.

Pemex cut its 2015 output forecast by more than 100,000 barrels to 2.288 millon barrels a day, Gustavo Hernandez, exploration and production director, said Thursday.

Source: Bloomberg