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The state-run oil company PEMEX continues to rake in high profits thanks to the strong global oil market, but exports fell off in September because US refineries were incapacitated as a result of Hurricane Katrina. In a report released in late October, PEMEX forecast total revenues from oil and gas exports this year at a record US$80 billion because of a combination of high export prices and increased production. Oil-export revenues for January-September surpassed US$20.4 billion, US$5.2 billion higher than during the same nine-month period in 2004. PEMEX said exports of crude oil averaged 1.793 million barrels per day in the first nine months of this year, but the volume for September alone dropped to 1.677 million bpd because shipments to Louisiana were suspended in the aftermath of Katrina. The US accounts for 90% of Mexico's crude-oil exports. PEMEX is already planning to reduce production and exports during the fourth quarter of the year since several contracts were cancelled in the aftermath of Katrina and Hurricanes Rita and Stan.