Mexico oil output falls 4.5 pct in first quarter

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First-quarter oil output at Mexico's state-owned oil company has dropped 4.5% from the same period last year to average 2.67 million barrels a day.

Petroleos Mexicanos, known as Pemex, says oil exports fell 9.4% to 1.28 million barrels a day in the same quarter.

Ku-Maloob-Zaap has become Mexico's top oil field, producing an average 797,000 barrels a day to overtake the dwindling Cantarell field by about 10,000 barrels.

Pemex on Tuesday said Mexican crude sold for an average $38.92 a barrel in the first quarter.

Mexico is the third-largest supplier of crude to the U.S., and oil is Mexico's top source of foreign income, financing about 40% of its annual budget.