05:54 GMT +3 hours27 August 2016
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The PEMEX logotype on the tower of the drilling tower of La Muralla IV exploration oil rig, operated by Mexican company Grupo R and working for Mexico's state-owned oil company PEMEX

Mexican Oil Revenues Drop By Over 70%

© AFP 2016/ OMAR TORRES
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The secretary of Mexico’s Energy Ministry said that falling oil prices have reduced the country’s oil revenues by more than 70 percent.

MEXICO CITY (Sputnik) — Falling oil prices have reduced Mexico’s oil revenues by more than 70 percent, the secretary of the nation’s Energy Ministry said Sunday.

"Pemex has posted a loss of more than 70 percent due to a drop in oil prices," Mexican Energy Secretary Pedro Joaquin Coldwell said.

Coldwell added that, on the bright side, the state-run oil producer was able to raise $5 billion in well-placed bonds. The money will be invested in projects that have been suspended until recently, he explained.

Mexico is the world’s tenth largest oil producer. It relies on oil for only 10 percent of its total exports, which account for some 18 percent of its budget.

Related:
Oil Production in Mexico Still Profitable Despite Falling Prices - Pemex
Mexico Oil Price Drops Below Production Cost
Mexico to Invest $23Bln Into Oil Refineries - President
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oil prices, Pemex, Mexico
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  • pin8
    I actually thought their reliance was around 110%.
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