Mexican congressional committee lowers oil price estimate to US$70 a barrel in 2009 budget
A congressional commission has approved Mexico's 2009 revenue budget based on an average oil price of US$70 a barrel, CNN reported.
The price is US$10 lower than the government's estimate in its first budget proposal in September. It was US$5 lower that in a revised budget sent to Congress last week.
The lower house financial commission's revenue budget also estimated an average peso rate of 11.7 to the dollar. It was approved Tuesday, and the full house is expected to vote on it this week.
Oil income makes up about 40 percent of budgeted revenue.
Government officials have said they expect a dip in exports, direct foreign investment, tourism and remittances from Mexicans living a broad because of the global financial crisis.