Mexico's state-run oil company says production dropped 7.8 percent in the first quarter as current reserves dwindle. Petroleos Mexicanos also said Monday that oil exports had dropped 12.5 percent over the same quarter a year ago. Production fell 5.3 percent to an average 3.1 million barrels a day in 2007, led by declines at Mexico's main Cantarell offshore oil field. Pemex only has enough proven oil reserves to last nine years at current production rates. The company did boost natural gas production, reporting a record 6.6 billion cubic feet of gas per day in the first quarter, up 13.2 percent over the same period last year.
