March 18, 2020 / 5:03 PM / 2 months ago

Mexico's Pemex will cut expenses, contracts to cope with falling oil prices

MEXICO CITY, March 18 (Reuters) - Mexican state oil company Pemex will cut administrative expenses and contracts this year in response to the collapse of international oil prices, prioritizing the most profitable projects, Chief Executive Octavio Romero said on Wednesday.

Speaking in Mexico City, Romero added that the oil hedge contracted by the company for 2020, which has already begun to be executed, "does not solve the financial problem" from the drop in oil prices. (Reporting by Ana Isabel Martinez; writing by Julia Love)

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