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LatinNews Daily - 02 September 2019
In brief: Mexico registers falling oil income
* Mexico’s finance ministry (SHCP) has released new figures which show that government revenues from the oil sector between January and July have reached M$483.33bn (US$24bn), lower than the M$605.69bn forecast in the national budget. According to a SHCP report, the lower level of revenues is a direct consequence of lower-than-expected crude production at the state-owned oil firm Pemex, which reached only 1.6m barrels per day (bpd) during the period compared to a forecast of 1.8m bpd. This resulted in Pemex’s revenues coming in at M$213.15bn, M$87.4bn lower than forecast. Oil sector revenue is the main source of funding for the federal government and the SHCP figures show that as a result of the falling level of revenue in the sector, the federal government’s overall level of revenue was down by M$84.4bn.
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