UPDATE 1-Mexico oil output, exports drop in Feb

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MEXICO CITY, March 24 (Reuters) - Mexico's oil production and exports dropped in February, official data showed on Monday, leaving the country's crude output a whisker short of its target level for a fifth month running.

State-owned oil monopoly Pemex, which is grappling with falling yields at its huge but mature Cantarell offshore field, said its February crude oil output was 2.929 million barrels per day versus 2.957 million bpd in January.

Oil exports slipped to 1.429 million bpd from 1.434 million bpd in January.

Pemex, a top three supplier of oil to the United States, is battling to hike production at smaller fields to make up for Cantarell's decline. Mexico's crude production has been below a medium-term goal of 3.0 million bpd since last October.

Oil shipping schedules have also been affected by repeated port closures in recent weeks and months, due to bad weather.

Pemex reported a small rise in natural gas output in February to 6.540 billion cubic feet per day from 6.534 bcfd in January. Natural gas imports fell to 663.7 million cubic feet per day from a revised 725.3 million cfd in January. (Reporting by Catherine Bremer; Editing by Christian Wiessner)