Finance Minister sees possible cut around 100 billion pesos Pemex budget cuts continue to exacerbate oil production losses Mexico will continue to hack into the budget of its oil producer next year, a move likely to mean further financial duress and continued output declines for Petroleos Mexicanos. It’s “reasonable” that the 2017 budget reduction for Pemex, as the state-owned company is known, will be around the same amount as the 100 billion pesos ($5.4 billion) cut this year, Jose Antonio Meade, the country’s newly appointed Finance Minister, said in an interview with Radio Formula. “It is natural that the adjustment is maintained, given the fall in international oil prices,” Meade said, when asked if the government could repeat a similar reduction. “It is a reasonable deduction and in-line with what other oil companies in the world are doing given the complicated environment.” Further subtraction by the Mexican government of […]