VOL. XLI

No. 24

15-June-1998

GENERAL

Declining Oil Prices And Budget Revenues

In Mexico, the Head of Petroleos Mexicanos, Mr. Adrian Lajous, has said that thegovernment will wait until early July to review the crude oil price assumption in itsfederal revenue for 1998. The government, which is now basing its revenue on an averageoil export price of $12.50/B, has trimmed its budget three times this year by a total of$3bn. Mexico's average oil export price stood at $10.40/B last week.

In Venezuela,...