Mexico Cuts Oil Spending to Nine-Year Low as Foreign Firms Enter
Pemex has $86 billion in debt as of June 2015, according to a company presentation posted to its website. The company is expected to announce a restructuring to its pension liability plan for unionized workers this week, a move anticipated to free up additional capital.
Mexico is not considering cutting production to boost oil prices, Videgaray said. Iran’s Oil Minister Bijan Namdar Zanganeh said Tuesday that Mexico is willing to work with the Organization of Petroleum Exporting Countries, or OPEC, if the group tries to stabilize crude markets amid a global supply glut and slide in prices, citing a conversation with Mexico’s labor secretary Alfonso Navarrete Prida.
“One of the fundamental purposes of this reform was precisely for Mexico to produce more oil, to take better advantage of its natural wealth that’s the property of the nation and all Mexicans,” Videgaray said. “That’s the objective of oil policy. It’s not foreseen that Mexico would participate in any mechanism to reduce production.”
To contact the reporters on this story: Adam Williams in Mexico City at email@example.com; Andrea Navarro in Mexico City at firstname.lastname@example.org. To contact the editors responsible for this story: David Marino at email@example.com Jeffrey Taylor
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