Oil Production / Mexican Peso
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Oil Production / Mexican Peso

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Paloma Duran By Paloma Duran | Journalist and Industry Analyst - Wed, 07/05/2023 - 10:30

Oil Production. President Andrés Manuel López Obrador expects refineries to produce 707MMb of fuels per year. "Instead of living or having income from the sale of crude oil, we will have income from the domestic market through the sale of barrels."

According to the latest data, PEMEX’s refining decreased in May compared to the previous month. Regarding gasoline, the NOC produced 111Mb/d in April, while the next month production dropped to 106.5Mb/d. The total of refined products dropped from 1,030.6Mb/d in April to 905.8Mb/d in May.

Mexican Peso. López Obrador highlights the strength of the Mexican peso, reaching MX$17.00. "This has not happened in decades. Something that is important is that as the peso strengthens, our debt goes down."

According to experts, recent economic circumstances continue to favor the Mexican peso, currently valued at MX$17 per US dollar. Financial analysts attribute the strength of the currency to a combination of interest rate hikes executed by Banxico, a relatively stable national market, an inflow of dollars from foreign direct investments and an unprecedented level of remittances entering the country. With a quarterly improvement rate of 0.40% and a weakened dollar amidst a trend of risk aversion, the Mexican peso is emerging as one of the most valued currencies among investors worldwide. The country’s currency has seen a quarterly improvement of 5%.

Government Airline. López Obrador said that he has already registered the trademark with the Ministry of National Defense to manage the new national airline. "We have registered several trademarks because they steal my ideas. The last time, I said it was possible for the airline to be called Maya and they went that same day or the next day to register the trademark."

In May, López Obrador announced that the Ministry of Finance and Public Credit (SHCP) authorized the creation of an airline to be managed by SEDENA. The airline is expectedto provide cargo services, domestic and international flying options.

Photo by:   Gobierno de México

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