Despite a global drop in oil prices, Mexico's oil market remains profitable according to Mexican-state-controlled energy company, Petróleos Mexicanos. In a statement released by Pemex CEO, Emilio Lozoya, the company’s production costs are among the lowest in the world and there is still significant “profitable activity” being generated.
Pemex found that the average development cost for the reserves the company had located or explored were below $10 per barrel.
Loyoza expects the oil market will stabilise within the next two years and has forecasted the demand triggered by India and China will continue to grow.
“We’re hearing that by around the end of 2016 prices will stabilize at a little higher price level,” said Lozoya.
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