Pemex 54% Budget Increase May Be Cut If Oil Declines

Petroleos Mexicanos, Latin America’s largest oil producer, may have a proposed 54 percent increase in its budget trimmed by lawmakers if oil prices extend this week’s losses, a board member said.

“Let’s hope the market losses are something temporary,” Hector Moreira, a board member of the state-owned company, said today in an interview. Lawmakers “would be very worried at least” if prices keep falling during the budget debate.