MEXICO CITY (AP) — The Mexican government says it expects the price of oil to rise by about 25 percent in 2016, reaching an average price of $ 50 per barrel for Mexican crude next year.
Mexican crude averaged 40.30 dollars per barrel on Tuesday.
The Treasury Department said it expects the Mexican peso to rebound to an average of 15.90 pesos to $ 1, from its current level of 16.77 pesos. It says the peso will end 2016 even stronger, at around 15.70 to $ 1.
That would mark a turnaround. The peso has lost about 28 percent of its value against the dollar over the last year.
The department’s predictions are part of its 2016 budget proposal submitted to Congress on Tuesday.
The department expects economic growth of about 3.1 percent for next year.
