Mexico's state-run oil firm Petróleos Mexicanos SA de CV plans to go to the market soon to refinance its debt, according to a June 4 report from Reuters, citing CFO Alberto Velazquez.

The company will also start reducing its debt gradually by 2022 through not taking additional net debt and boosting crude output, including other measures, Velazquez said.

Pemex reported average crude production of 1.66 million barrels per day in the first quarter.