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.
