Mexican state energy giant Pemex said on Monday that it had reduced its losses by more than half in 2021, to $10.9 billion, helped by a jump in global oil prices.

The company reported a net loss of 224.36 billion pesos for the year, down from 509.05 billion pesos in 2020.

Revenue rose 57 percent to nearly 1.5 trillion pesos, lifted by rises in prices of crude oil and other energy products such as gasoline, diesel and natural gas, a statement said.

Pemex is recovering from what it called its worst ever crisis in 2020, when an economic slump sparked by the coronavirus pandemic caused oil prices to briefly turn negative for the first time.

Mexican state energy giant Pemex has reduced its annual losses by more than half, helped by a rebound in oil prices
Mexican state energy giant Pemex has reduced its annual losses by more than half, helped by a rebound in oil prices AFP / Alfredo ESTRELLA

The price of Mexican crude oil for export averaged $65.31 a barrel in 2021, 82.3 percent higher than in 2020, the company said.

Since taking office in 2018, Mexican President Andres Manuel Lopez Obrador has sought to help Pemex with cash injections and other measures following years of declining production.

In January, the finance ministry said that Pemex had reduced its debt by $3.2 billion thanks to a refinancing process supported by government funding.

Total debt stood at $109.0 billion at the end of 2021, the company reported.