Mexican national oil company Pemex said that May crude exports fell to a new record low of 958,000 barrels per day (bpd), though oil output for the month increased by 0.4 percent versus April. Crude shipments for May were the lowest level of monthly exports going back to at least 1990 when records began, and compare to 1.017 million bpd in April. Meanwhile, crude production in May increased to 2.020 million bpd, versus 2.012 million bpd in April. Pemex’s oil output hit a peak of 3.38 million bpd in 2004, but since then has steadily declined.

A four-year-old energy overhaul that ended Pemex’s decades-long monopoly on production led to the first-ever competitive oil auctions and joint venture partnerships, but fresh output streams from new entrants in the market are not expected for several years.

Source: Reuters (Reporting by Adriana Barrera; Writing by Anthony Esposito; Editing by Sandra Maler)