MEXICO CITY (Sputnik) – Mexico oil revenues decreased 38% in the last 10 months compared to the same period in 2014, the Mexican Secretariat of Finance and Public Credit said in a statement.
The country earned some $39 billion in oil and gas revenues in the same period, the ministry added on Monday.
According to the statement, the sharp decline in state revenue is due primarily to a drop in international oil prices, an 8 percent decrease in oil production, and a 34 percent drop in gas prices.
Mexican authorities carried out budget cuts of some $8 billion earlier this year amid a global oil price drop due to worldwide oversupply.
