Mexico's central bank reduced its growth forecast for the economy citing a "less favorable" environment due to the drop in oil prices and a potential cut in oil production.

The Bank of Mexico estimated that the gross domestic product could grow between 2.5 percent and 3.5 percent in 2015, a reduction from its earlier forecast of between 3 percent and 4 percent.

Low oil prices have already led Mexico to cut spending, though the secretary of finance differs from the central bank in maintaining that it should not affect growth projections.

The central bank said it expects oil prices to remain below levels that persisted until mid-2014 and had risen above $100 per barrel. A barrel now sells at half that price.