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OPEC: Mexico refused to cut its oil production through July
The measure was implemented months ago, in a bid to bring stability to the oil sector 
Mexico to implement USD $7 billion tax cut in Pemex
Pemex is the world’s most indebted company
Pemex aims to increase oil production by 2024
López Obrador said that once Pemex increases its oil output, it will produce resources to promote the country's development
OPEC and other non-OPEC producers, such as Mexico, have pledged to cut oil output by nearly 1.8 million barrels per day to bring supplies back in line with consumption.
GDP expanded 2.0 percent, slightly above analysts' expectations
Despite the positive news for the Mexican oil giant, Mexico's oil output has fallen for a dozen years since hitting a peak in 2004
Mexico sends mostly factory-made goods like TVs and cars to its northern neighbor and top trading partner.
Copper miner Asarco, owned by Grupo Mexico, could continue with its reduced output level.
Crude output in Mexico stood at 2.27 million bpd in July, according to data from national oil company Pemex.