MEXICO CITY, Oct 28 (Reuters) - Mexican Senate committees on Tuesday voted to lower the estimate for oil prices to $79 per barrel in the revised 2015 budget, forecasting an international slump in oil prices would weaken government revenues next year.
The revised budget, which still needs to be approved by the full Senate and Mexico’s lower house, projected an average price of $79 per barrel next year.
The original proposal, which was submitted to Mexico’s lower house by Finance Minister Luis Videgaray in September, had forecast oil prices at $82. Mexico’s lower house approved the budget with an estimated average of $81 per barrel this month.
U.S. crude finished 42 cents higher at $81.42 a barrel in New York on Tuesday.
International oil prices have slumped because of a production glut and concerns about slowing global growth. Prices for heavy Mexican crude MEX-OSP hit a four-year low this month.
Latin America’s No. 2 economy is a top crude exporter to the United States and Mexico’s government has long relied on oil sales from state-run Pemex to fund about one-third of its budget. (Reporting by Noe Torres; Editing by Cynthia Osterman)