From Reuters 

MEXICO CITY — Mexican President Andres Manuel Lopez Obrador said on Tuesday that production at state oil company Pemex has stabilized, despite a report showing that output fell in May from April. 

Pemex, which has long struggled to reverse declining production, reported on Monday that its crude output dipped 0.7% in May. 

“I have different information,” Lopez Obrador said at his daily news conference. “Not only has (the fall in production) stopped, but it has stabilized.” 

He added that Pemex has saved 30% in operational costs from reducing corruption. 

Lopez Obrador has promised to revive the company, which is saddled with some $106 billion in debt, by cutting its tax bill and lifting oil production by at least 50% by the end of his administration in 2024. 


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