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Pemex Gets an Extra $5.4 Billion Thanks to the Oil Price Rally

  • Windfall refers to the oil income Pemex received above budget
  • It doesn’t include taxes that Pemex must pay on the income
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Petroleos Mexicanos has received billions of dollars more than it expected so far this year for crude oil exports due to the international price rally, giving it more breathing room to pay down its debts. 

The state-owned oil company known as Pemex received more than $13 billion between January and May for the crude oil it sold on international markets, which is some $5.4 billion above the amount it had budgeted for the period, according to a person familiar with the situation. The excess revenue is attributable to the year-to-date rally in crude prices, and the amount does not take taxes into account.