Mexico Plans to Maintain Its Level of Oil Production

The head of the government oil monopoly Pemex said Mexico will maintain its level of oil exports for the present time.

Francisco Rojas, the director of Pemex, told reporters traveling with President Miguel de la Madrid that Mexico has not made any decision to modify its production levels.

Pemex spokesman Emilio Matar said Mexico’s export platform is 1.329 million barrels a day. Before oil prices sank in 1986, Mexico had maintained an export target of 1.5 million barrels a day.

Matar said Mexico charged $18.78 a barrel for its light Isthmus crude in May to U.S. customers and $17.22 a barrel for its heavy Maya brand. A report on June prices was unavailable. A barrel is equivalent to 42 gallons.

Depends on Sales of Crude

Mexico is the world’s fourth largest oil producer and depends heavily on crude sales to bring in foreign revenues for its heavily indebted economy.

Mexico registered a surplus of $3.9 billion in its balance of payments during the first five months of the year, 159% above the same period a year ago, according to an official of the Commerce Department.

Luis Bravo Aguilera, undersecretary of foreign trade, said non-oil exports were $4.9 billion in the January-May period, and oil sales registered $3.5 billion, up 34% from the same period in 1986.

Exports of manufactured goods were up 47% to $3.9 billion in the first five months of 1987.

Imports were $4.5 billion in the five-month period, down $505 million from the same period a year ago.