• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 9 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 2 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 1 hour During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 12 hours Apology Accepted!
  • 4 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 15 hours U.S. natural gas at major disadvantage in Europe and China.
  • 16 hours Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 3 hours Why Oil could hit $100
  • 3 hours The Political Genius of Donald Trump
  • 16 hours Putin Paid Militants to Kill US Troops
  • 21 hours CoVid in Spain, 9 months before China
  • 20 hours Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 21 hours The world is headed for big problems - interview with very smart economist

Breaking News:

OPEC Production Falls To Three Decade Low

An Energy Independent Mexico Is A Pipedream

Natural production declines, the price drop of 2014-2015, the status of a national cash-cow, lack of sophisticated EOR technology, regular policy U-turns on foreign investment – it is difficult to pick the single most important factor that has contributed to the state PEMEX finds itself in, yet the situation is dire nonetheless.

The Mexican national oil company is hunched under the weight of its debt obligations, generating loss after loss ($7.6 billion in 2018 after a horrendous $14.3 billion in 2017) with no evident way out. The new Mexican President Andres Manuel Lopez Obrador looks to tackle Mexico’s myriad of oil problems, but at the end of the day he has to sort out PEMEX’s upstream, midstream and downstream travails at the same time.

It might be said that Mexico’s primary problem is falling crude production. Having peaked in 2004, its output more than halved in 15 years, dropping from 3.8mbpd at its peak to the latest lackluster result of 1.69mbpd in March 2019. Were production to be increasing, the market sentiment regarding the Mexican NOC might have been different – absent any miraculous divine intervention, PEMEX will experience all the shades of being in a purgatory before it can actually bounce back a bit from 2022 onwards. Taking center stage in all of this – the Mexican state, root cause of PEMEX’s dire financial condition and its only realistic saviour right now.

(Click to enlarge)

As…




Oilprice - The No. 1 Source for Oil & Energy News