Mexico - 07

Mexico: Pemex’s 2015 Budget Cuts: Implications for IOCs

On 18 February the Pemex board announced that it will slash 11.5% of its 2015 budget expenditures – nearly $4bn – in light of falling oil prices and Mexico’s fiscal woes. Pemex’s spending cuts came at the behest of Secretary of Finance Luis Videgaray and represent half of the Mexican government’s total budget reductions.

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