MEXICO CITY, Oct 29 (Reuters) - Mexico’s Senate late on Wednesday passed the income plan for the 2015 budget, returning it to the lower house of Congress for final approval after lawmakers cut projected oil revenues, following a recent dip in international crude prices.
The revised budget forecasts an average oil price of $79 per barrel next year, below an original government proposal for $82. Mexico’s lower house had this month approved the budget plan with an estimated average of $81 per barrel.
Oil prices have slumped following a production glut and concerns about slowing global growth. Prices for heavy Mexican crude MEX-OSP hit a four-year low this month.
Mexico, Latin America’s second biggest economy, is a major exporter of crude to the United States and the government has long relied on oil sales from state-run company Pemex to fund about one-third of its federal budget. (Reporting by Dave Graham; Editing by Clarence Fernandez)