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Mexico’s new president boosts Pemex budget by $3.7 bn

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Mexico's new president boosts Pemex budget by $3.7 bnMexico’s new President Andres Manuel Lopez Obrador said Sunday he would reverse shrinking investment in the state oil company by pouring $3.7 billion into Pemex in 2019, in a bid to boost crude and refined products’ output. “We are going to increase investment in Pemex by 75 billion pesos from what was authorized for 2018,” the leftist president said in a speech in his home state of Tabasco. The state oil giant has seen a drop in its production since 2004, when it extracted some 3.4 million barrels per day.