Mike Millikin

Petróleos Mexicanos (Pemex), Mexico’s state oil monopoly, said it expects production at its Cantarell oil field to begin declining this year, earlier than previously forecast.
Cantarell is the largest oil field in Mexico, and the eighth largest in the world. The field, which has been in production since 1979, had produced 2.11 million barrels per day in 2004. Pemex expects that to decline by 5% to 2.0 mbpd in 2005.

In its monthly Oil Market Report, the IEA again revised upward its estimate for growth in global oil demand, while noting that oil supply dropped in January.