AMLO Allocates $23 Billion for Pemex to Boost Output Next Year
- Proposal is 14 percent higher than Pemex’s 2018 budget
- Pemex will pump 2.62 million barrels a day by end-2024: Romero
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Mexican President Andres Manuel Lopez Obrador is boosting Petroleos Mexicanos’ budget to 464.6 billion pesos ($23 billion) next year to reverse flagging oil production and increase domestic fuel output.
The proposal sent to the lower house of congress on Saturday would increase Pemex’s total budget, including capital investments, by 14 percent in 2019 compared with 407 billion pesos this year, according to the finance ministry. Oil production is expected to stabilize at 1.847 million barrels a day in 2019 with Mexico’s oil mix estimated at $55 a barrel, the ministry said.