12:21 GMT +326 September 2017
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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

    Mexico Oil Revenue Drops Almost 40% in 10 Months – Finance Ministry

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    According to the Mexican Secretariat of Finance and Public Credit, Mexico oil revenues decreased 38% in the last 10 months compared to the same period in 2014.

    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.

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