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Mexico considers raising oil revenue forecast

Monday, October 14, 2013

Mexican lawmakers are considering trying to make up for a likely shortfall in the planned budget for next year by raising the fiscal plan's conservative oil price revenue estimates.

Congress is debating changes to President Enrique Peña Nieto's planned fiscal form, and is poised to strip out or water down part of the plan the government hopes will raise around $35 billion in additional tax revenues over the next five years.

Mexico relies on revenues from state oil monopoly Pemex to generate about a third of federal tax receipts, and the 2014 budget has projected an average oil price of $81 per barrel.

Source: Reuters