Mexico's oil revenues fall 0.50 pct.

EFE Ingles |

Mexico City, Jul 1 (EFE).- Mexico's oil revenues totaled 491.04 billion pesos ($37.8 billion) in the January-May 2014 period, down 0.50 percent from the same period last year, the Finance Secretariat said.The drop was caused by a reduction of 4.2 percent to 165.78 billion ($12.76 billion) in payments by state-owned oil giant Petroleos Mexicanos, or Pemex, to the Treasury, the secretariat said in a report covering government finances through May 31.Payments for oil rights and fees plunged 9.1 percent to 336.25 billion pesos ($25.88 billion).Oil industry revenues fell because Mexican crude sold for an average of $92.80 per barrel during the period, down from the $100.80 per barrel average price that petroleum brought during the same period in 2013, the secretariat said.Petroleum production dropped 1.9 percent and natural gas output fell 1.6 percent in the January-May period, with the drops only partially offset by higher natural gas prices, the secretariat said.Government revenues totaled 1.61 trillion pesos ($123.94 billion) during the first five months of the year, up 3.2 percent from the same period in 2013, the secretariat said.The federal government posted a budget deficit of 91.7 billion pesos ($7.05 billion) during the January-May period, the secretariat said.Mexico's gross government debt totaled $516.39 billion as of May 31, with 28.3 percent held by foreign entities and the rest by domestic creditors. EFEjrm/hv

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