Pemex Misses Oil Production Target by 150,000 Barrels Per Day

Pemex, Mexico's state-owned oil company, is struggling to meet its production targets. According to data from Industrial Info Resources, Pemex averaged about 1.65 million barrels of oil per day (bpd) in liquid hydrocarbon production between January and June, falling short of its goal by 150,000 bpd.

The company's production has been declining since a peak of 3.3 million bpd in 2004, driven by the Cantarell field. Pemex has tried to recover through new projects, but so far, it hasn't been enough to meet its target of 1.8 million bpd set by the government for Claudia Sheinbaum's mandate.

Pemex is trying to increase production through partnerships and exploration efforts. It recently announced a partnership with Petrobras to explore offshore areas in Mexico and find new resources, citing the need to invest heavily in exploring new fields.