At the meeting, Mexico was represented by Secretary Rocío Nahle, according to the social networks of the Ministry of Energy.
In total, OPEC and allied countries pledged to reduce their production by two million barrels per day starting next November. The new measure, which was criticized by the White House, has been taken as a reaction to the fall in world oil prices. Analysts already foresee a rebound in the price of oil and gasoline.
With the extension of the commitment, it is ruled out that the federal administration will be able to meet its oil production objectives that had been set for the six-year term and that have been continuously modified.
The expenditure budget project of the Ministry of Finance proposes a production of 1,835 million barrels of crude oil per day for this year and 1,872 million barrels for 2023.
The federal administration has maintained a positive discourse around crude oil production and has constantly insisted that it has managed to pause the decline in the indicator.
The projections of the agency already gave a setback to the objectives set by Pemex and the presidency, which proposed reaching two million barrels by 2024.
The current national production is 1,760 million barrels per day, according to the latest figures published by the state company, which takes into account the participation of its partners and includes the extraction of condensates – lighter hydrocarbons.
Since the beginning of the six-year term, analysts already doubted the capacity of the state company to meet the presidential goals, mainly due to the limited budget allocated to extraction and production tasks. For this year, the draft budget proposes an item of 678,000 million pesos, an increase of just 1.6% in real terms.