Mexican oil production falls

Mexican oil production has fallen 10% and exports have dropped 18% so far this year, the state-run oil company announced, blaming the drops on storms including Hurricane Ike.

But Mexico’s oil output also is being hammered by declining production at the ageing fields of Petroleos Mexicanos, or Pemex – a situation that led Mexican Senate commissions to approve an oil reform bill aimed at spurring private investment in the industry.