Mexico sees oil revenues bouncing back in 2nd qtr

Mexico should see oil revenues bounce back in the second quarter, after a dip in the first quarter, citing revenues above forecast in April, Deputy Finance Minister Alejandro Werner said on Monday.

Factors that hurt government coffers in the first quarter — such as lower crude export volumes and a jump in the price and volume of fuel imports — were not expected to be repeated in the second quarter, and oil revenues would probably be higher than forecast, Werner said.
Mexico, which is a key supplier of oil to the United States but a net importer of gasoline, could see waning oil production recover in a few years, and rise substantially thereafter, if Congress approves a proposed oil sector reform, he said.

“It’s likely that the phenomenon we saw in the first quarter will reverse,” Werner told reporters ahead of a regional finance ministers meeting in the Mexican resort of Cancun.

Reuters