SINGAPORE: Mexico’s state oil giant Pemex reported losses Thursday of more than 100 billion pesos (S$8.6 billion) in the first quarter of 2015, hit hard by the collapse in crude prices.
Pemex, the world’s seventh-largest oil producer, has seen the export price of Mexican crude fall from US$94.84 a year ago to US$56.01 today, dragged down by a global supply glut that has sent world oil prices tumbling as much as 60 per cent since June last year.
“The current price ranges could prevail for the next six or 18 months,” the company’s treasurer Rodolfo Campos told an investors conference.
He said the firm’s exports were down US$3.8 billion (S$5 billion) in the first quarter.
