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Pemex spending, crude output slashed in 2017 Mexican budget
Energy
- 12 September, 2016
- 08:12
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Baku. 12 September. REPORT.AZ/ Mexico's 2017 budget proposal will cut Pemex's budget by $5.3 billion to $20.7 billion, causing the state-controlled company's crude production to drop to 1.928 million b/d, the lowest since 1980, and 43.3% below the 3.4 million b/d peak posted in 2004, Report informs citing Platts.
The budget, submitted by Mexico's finance minister Jose Antonio Meade to legislators called for total cuts of $12.9 billion.
Pemex's crude production has now fallen for 11 straight years. Through July of this year, the company's production averaged 2.2 million b/d.
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