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Mexico produced less than 2.482 million barrels per day of crude in July, state oil company Pemex said Friday.

That’s the lowest monthly output in almost 18 years.

President Enrique Pena Nieto has proposed sweeping reforms for the oil and gas sector, including private investment to spur new exploration and production.

July production was the lowest since October 1995.

Mexico’s production peaked in 2004 at of 3.4 million barrels per day.

Next month lawmakers will consider Pena Nieto’s reform plan and his proposal to open the sector to private investment from domestic and foreign companies.

The oil and gas industry was nationalized in 1938 and the constitution now prohibits foreign investment.

Oil revenue constitutes 30 percent of Mexico’s federal budget.

Source: Reuters