Mexico's embattled state-run energy firm Pemex posted on Monday $30.3 billion in losses in 2015, nearly double from the previous year, and a further drop in crude production.

After unveiling $5.5 billion in budget cuts, the company published dismal annual results showing 521.6 billion pesos in losses compared to 265.5 billion pesos the previous year, while crude production fell 6.7 percent to 2.27 million barrels per day in 2015.