Mexico says oil exports to fall sharply by 2017

Associated Press, 12/11/2008pemex21

Mexico said Wednesday that rising domestic consumption will cut the country’s oil exports almost 40 percent by 2017, although the country hopes to increase crude production to just over 3 million barrels per day by that time.

Exports will drop from the estimated daily average of 1.4 million barrels per day in 2008 to about 875 million barrels in 2017, according to a 10-year planning report from the Energy Department. Mexico is currently one of the main crude suppliers to the U.S. market.

Average production for 2008 is running at about 2.8 million barrels a day. The country hopes to average 2.9 million daily over the next 10 years, though that’s still down from 3.1 million last year.

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