Mexico's annual crude output falls

Mexico's crude output in 2019 fell 135K b/d y-o-y to 1.68M b/d, according to data from Pemex. 

Refined product imports in 2019 also dropped, falling to the lowest level since 2016. Mexico imported 706K b/d of refined products in 2019, down 15% on 2018. Mexico's GDP contracted by 0.1% in 4Q 2019, according to preliminary data from Mexico's statistics agency.