The Dramatic Fall of Mexico’s Oil Giant

Once one of the world’s most successful oil companies, the Mexican state-owned firm Pemex, has been falling increasingly into debt over the last decade, only surviving by pursuing cheaper shallow-water oil operations and being bailed out by the government. The recently elected incumbent Mexican president, Claudia Sheinbaum, is expected to continue supporting President Andres Manuel Lopez Obrador’s (AMLO) ambitious oil and gas plans despite Pemex’s failings, in addition to adding renewable energy capacity. However, following years…