Mexico’s state oil company Petróleos Mexicanos, reeling from the drop in world oil prices, will cut 100 billion pesos ($5.5 billion) from its budget this year by deferring investments and reducing costs, Chief Executive José Antonio González Anaya said Monday. Pemex budgeted for an oil price of $50 a barrel this year and now estimates put a barrel of oil at an average of $25, Mr. González Anaya said in a conference call with analysts. “We have to adjust to the new realities of Pemex,” he said. The moves would lower Pemex’s total 2016 budget to 378 billion pesos from 478 billion pesos. Of the 100 billion pesos in cuts, 64.9 billion pesos will be in deferred investments, and 28.9 billion pesos in efficiencies and cost reductions. The plan also includes a reduction in capital expenditures and operating expenditures of 6.2 billion pesos in upstream operations. Of the […]