Oil income, reduced in the six-year term: México Evalúa
The civil organization México Evalúa announced that the drop seen in oil revenues during the current six-year term has led to a deficiency in the public policies that are applied.
By analyzing the key points of the Economic Package 2024it was highlighted that the Oil revenue has been steadily decreasing since 2012, and the trend is not expected to change in 2024.
Well, if the Income Law is approved, oil tankers will have a drop of 24% compared to the income approved for 2023, and 11.3% below what was estimated at the end of the year.
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This is the worst estimate of oil revenues in the last 20 years and, if it materializes, it would be the second worst level observed only above what was recorded during 2020.
Compared to the end of the previous six-year term, oil revenue will have fallen 20.4%, largely neutralizing the increase in tax collection.
Those times of oil boom where increases in oil revenues were continuously seen are long gone,” commented Jorge Cano, researcher at the Mexico Evalúa Cost Program.
He explained that not only have the federal government oil revenueAlso since 2019, the shared utility right has been reduced from 65% to 35% in 2024. “It is important to highlight that the federal government's oil revenues are used to fund social programs, health spending, education; while those oil revenues from Pemex simply go to the oil company,” the expert mentioned.
According to the analysis, Oil collection for 2024 will benefit Pemex to a greater extent, due to the reduction of the Shared Profit Right (DUC) from 40 to 35 percent.
As we have detailed previously, DUC collection has been falling since 2019when it was at 65 percent, which causes a smaller part of the oil revenues to reach the federal governmentand that a greater proportion stays in the oil company.”
Thanks to this measure, from 2020 to 2022, Pemex has received around 543 billion pesos of additional income, and next year it is quite likely that it will receive another 300 billion pesos.
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