Mexico to Increase Oil Exports to Complement OPEC Move

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Last updated at: (Beijing Time) Tuesday, January 14, 2003

Mexico to Increase Oil Exports to Complement OPEC Move

Mexico will expand its oil exports by 220,000 barrels a day, starting Feb.1, to make up for the shortfall in the international oil supply, Mexico's Energy Ministry said on Monday.

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Mexico will expand its oil exports by 220,000 barrels a day, starting Feb.1, to make up for the shortfall in the international oil supply, Mexico's Energy Ministry said on Monday.

The Mexican decision came one day after the Organization of Petroleum Exporting Countries (OPEC) decided to raise output quotas by 1.5 million barrels a day.

The increasing instability in world oil supplies and consequent price volatility were unfavorable to the Mexican economy in the long run, the Ministry said in a statement.

Mexico would raise crude oil exports from 1.66 million barrels a day to 1.88 million "to contribute to stabilizing the world oil market and guarantee a continuous and secure supply," together with the OPEC, the statement said.

Mexico is not an OPEC member but has signed output quota agreements with the oil cartel.

Mexico, the world's sixth largest oil producer, pumped 316.9 million barrels of crude oil and exported 166 million barrels per day last year.

A weeks-long strike in Venezuela, the world's fifth biggest oil producer, and fears of a United States-led war against Iraq have pushed oil prices sharply upwards.

For the first time in two years, US oil prices rose to above 33US dollars a barrel recently. The normal price range set by the OPEC is 22 to 28 dollars per barrel.

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