LatinNews Daily - 18 November 2024

*The Mexican government led by President Claudia Sheinbaum has revealed in its 2025 budget proposal that it expects to transfer M$136bn (US$6.66bn) to heavily indebted state oil company Pemex next year, to help it meet its debt and loan repayments, according to excerpts of the budget circulated in the local press. The transfer is dependent on Pemex improving its balance sheet by the same amount, according to the same press reports. The proposed budget also envisages cutting spending for Pemex by 7.5% to M$464.26bn, down from M$501.94bn approved for 2024. It also expects the company’s oil output to reach 1.8m barrels per day (bpd) next year, bringing in projected revenue of M$1.14trn, up 4.3% on amount projected for 2023. It forecasts that the average price for a barrel of Mexican crude will be US$57.80 next year, down from US$70.70 this year.