Weekly Report - 24 September 2015 (WR-15-38)

The double whammy of lower production and a declining world oil price have impelled Petróleos Mexicanos (Pemex) to make budget cuts this year, but the State oil company’s problems have been exacerbated by a surge in fuel theft. In the first eight months of the year, there were 3,547 illegal taps, up 50.6% on the same period in 2014, amounting to losses of M$13.2bn (US$783m), or more than M$50m a day. At the present rate losses will top US$1bn by the end of 2015.