Mexico May Say Oil Output Fell, Pressuring Congress

[phantom power]

Tangentially, Mr. Shields must know some different human beings than I know.

Sept. 22 (Bloomberg) -- Petroleos Mexicanos, Mexico's state- owned oil company, may report that crude output fell for the 25th consecutive month in August, adding pressure on Congress to take up delayed legislation aimed at increasing production.

Pemex probably extracted less than 2.842 million barrels a day, the amount the company produced in August 2007, said David Shields, an independent energy analyst and publisher of Energia magazine. The problem for Mexico is exacerbated by a more than 25 percent decline in oil prices since peaks reached in July.

``That may create an urgency to approve the reform,'' Shields said in a telephone interview from Mexico City. ``Human beings act more rationally when they see they are in trouble.''

http://www.bloomberg.com/apps/news?pid=20601086&sid=a6KAhZPVptxk&refer=news