Peak Cheap Oil: Cantarell hits record low

Cantarell’s production has slid 74 percent since 2006 to 449,000 barrels a day last year, dragging down the country’s daily output. Cantarell’s output fell 14 percent from April 2011 to 400,000 barrels a day, the lowest since at least 1990, when the Energy Ministry started to publish Pemex’s production.

Petroleos Mexicanos, the world’s third-largest oil producer, said crude production fell for a fifth month after its aging Cantarell field posted the lowest output in at least 22 years. Pemex officials didn’t immediately respond to phone calls and e-mails requesting comment, Bloomberg reported some months ago.