Financial status Mexico exports crude oil, but imports more expensive gasoline. National Hydrocarbons Commission, created in 2008 by the Mexican Congress to increase regulatory oversight, has increased scrutiny over Pemex in 2012. As of July 2019, Pemex is the most indebted oil company in the world.
In this manner, what is Pemex and how does it affect the Mexican economy?
Pemex and the Mexican Economy. Pemex is a state-owned company that manages all of Mexico's oil and gas sector. The energy reforms opened up the oil sector to foreign and private investment in the form of joint ventures.
Beside above, is Mexico oil rich?
Oil Reserves in Mexico Mexico holds 9,711,000,000 barrels of proven oil reserves as of 2016, ranking 17th in the world and accounting for about 0.6% of the world's total oil reserves of 1,650,585,140,000 barrels. Mexico has proven reserves equivalent to 13.0 times its annual consumption.
Who is the owner of Pemex?
Federal government of Mexico
Why is Pemex in debt?
“What has brought Pemex to bankruptcy is, amid other things, its terrible pension system.” Pemex negotiated most of its pensions with Mexico's oil workers' union years ago, when oil prices were higher and life expectancy was lower.