Pemex cuts target to 2.8M barrels a day

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Petroleos Mexicanos, the third-largest oil supplier to the U.S., lowered its crude oil production target for a second time in as many months as its largest field, Cantarell, declined faster than forecast.

Pemex, as the Mexican state-owned oil company is known, expects to produce 2.8 million barrels a day this year, said Vinicio Suro, managing director of planning and evaluation at Pemex's exploration and production unit, on a conference call today with analysts.

Chief executive Jesus Reyes Heroles said on May 29 that Pemex lowered its daily production target for 2008 to 2.9 million barrels from 3.1 million barrels. A four-year decline in output and reserves is putting pressure on Pemex to increase funding to boost exploration.

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