EFE | Mexico City

Mexican state-owned oil company Petroleos Mexicanos said Friday it has reached an agreement with its union on cuts to current expenditures in 2015.

The parties agreed to implement an extraordinary program to reduce current expenditures on personnel services by 10 billion pesos (some $668 million), equivalent to 16 percent of the 62 billion pesos ($4.1 billion) in cuts to Pemex's 2015 budget that the company announced in January due to a steep drop in global oil prices.

A view of one of Mexican state-owned oil company Petroleos Mexicanos' refineries. Pemex said Friday it has reached an agreement with its union on cuts
A view of one of Mexican state-owned oil company Petroleos Mexicanos' refineries. Pemex said Friday it has reached an agreement with its union on cuts to current expenditures in 2015. EFE/PEMEX
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