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1. admin July 7th, 2008 11:08 pm

   Pemex Cantarell Output Drops 34%
   July 7 (Bloomberg) — Crude output from Mexico’s Cantarell, the world’s third-largest oil field, is falling at the fastest pace in 12 years.

   Falling production is curbing exports to the U.S., which buys about 80 percent of the oil Mexico sells abroad. Sales to the U.S. declined to 1.07 million barrels a day in May, the lowest since November 1995.

   Exports at Risk

   Pemex, Latin America’s biggest company by revenue, may need to cut exports this year to meet domestic demand as production falls…

   The company replaced 50 percent of the oil it extracted in 2007. At current production rates, Pemex’s oil reserves would run out in 9.2 years if it added no new deposits.

   This is big news:
   http://www.bloomberg.com/apps/news?pid=20601087&sid=aQF381AACFAI&refer=home

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