Mexican oil giant Pemex reports $6.5bn loss

GMT 17:20 2015 Thursday ,30 April

Arab Today, arab today Mexican oil giant Pemex reports $6.5bn loss

Mexican oil giant Pemex
Mexico City - Arab Today

Mexico's state oil giant Pemex reported losses Thursday of more than 100 billion pesos ($6.5 billion) in the first quarter of 2015, hit hard by the global collapse in crude prices.

Pemex, the world's seventh-largest oil producer, had announced in February it was slashing its budget by 11.5 percent, suspending some deep-water exploration and making "major" job cuts.

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