With oil prices sinking to levels not seen in more than a decade, Mexican national oil company Petróleos Mexicanos said Tuesday that its production costs are among the lowest in the world, averaging under $10 per barrel among currently producing fields and less than $7 a barrel for its cheapest fields. Furthermore, Pemex said its production costs are actually falling because of the recent devaluation of the peso, since oil is sold in dollars and service contracts and other costs are paid in pesos. “This cost level means that Pemex production activities continue to be profitable even with the recent fall in hydrocarbon prices,” the company said in a statement. U.S. oil prices were about $30 a barrel on Tuesday, while Pemex said that the average price for its basket of mostly heavy export oils was $21.50 a barrel. Pemex said that media reports putting its cost-per-barrel at […]