Mexico City.- Public sector oil revenues -which include Pemex and the federal government- decreased 7.9 percent in real terms annually during the first seven months of the year.
According to the Public Finance Report for July of the Ministry of Finance and Public Credit (SHCP), the amount received from the oil sector was 604 thousand 892.2 million pesos in the referred period.
Furthermore, these revenues fell short of the budget for the period by 68,255.2 million pesos. The Treasury specified that the drop in oil revenues was due to lower crude oil production and a lower natural gas price, which were partially offset by a higher oil price.
However, the result was lower than the previous year, as compared to what was planned.
Within these revenues, the part that corresponds to the federal government registered a real annual drop of 60.4 percent in the first seven months of the year, with a total of 97 thousand 82 million pesos. These revenues refer to those generated by the oil activity – exploitation, processing and commercialization of hydrocarbons – and which are collected by the Government through the collection of taxes, duties and other fiscal instruments. This figure was well below the 233 thousand 742.7 million collected in the same period of 2023 and compared to the 169 thousand 62.7 million that was scheduled. In contrast, oil revenues corresponding to Pemex increased 23.2 percent in real terms annually in January-July, to a total of 507 thousand 810.2 million pesos, a figure slightly higher than the 504 thousand 84.7 million scheduled by the Treasury.
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