MEXICO: OIL PRICE FALLING: $79/BBL
Mexico is poised to redraft part of next year's federal budget after a steep fall in oil prices upended the country's revenue assumptions.
The third-largest oil producer in the Americas, Mexico is highly dependent on oil exports, which were valued at $42.7bn in 2013. One-third of the federal budget is funded by oil revenue.
The finance ministry said in a statement that a new oil price target had been set at $79, which is $3 per barrel lower than the government's estimated price in the budget package and $2 lower than the target approved by the Chamber of Deputies on October 16.
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