Lower oil prices have forced the Mexican government to introduce $8.3 billion in budget cuts, with state-run Pemex expected to account for about half of these savings.
Sales revenues and taxes from oil account for about a third of Mexico’s federal spending, but export-grade Maya crude has been fetching barely half of the budgeted $79 per barrel.
In 2014, Mexico’s federal government hedged 228 million barrels of oil exports at $76.40
