Mexican oil revenues drop by over 70%

Jan 31, 2016 12:00 AM

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

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.

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