Pemex cuts budget as new CEO starts

摘要

Mexico's National Oil Company and fertilizer producer Pemex is going to slash its 2016 budget by MXN 100 billion ($5.5 billion), the Mexican finance ministry said in a statement. This will be the second consecutive year of Pemex curbing its spending after a MXN 62 billion budget cut in January 2015. Both decisions are in response to recent tumbling oil prices.