Pemex expects drop in 2017 oil production, forecasts financial balance in 2019-2020

Mexican state-owned oil company Pemex revealed on 3 November 2016 it expected a reduction in oil production for 2017 (La Jornada). Pemex expects to produce on average 1.94 million barrels per day (bpd) in 2017, down from an average of 2.1 million bpd anticipated by the close of 2016 (La Jornada). Pemex Director José Antonio González Anaya also forecasted Pemex to reach a financial balance between 2019 and 2020 with a series of actions he hopes will improve subsidiaries based in exploration, production, and refining. The largest losses for Pemex are concentrated in the area of refining and the company expects to forge alliances and refigure refinery plants to overcome an expected US$5.7 billion negative financial balance in 2017 in the area into a positive US$1.5 billion figure in 2025 (Milenio).