The situation in Mexico’s oil industry continues to rapidly disintegrate as falling oil production and rising costs resulted in an $18 billion fourth-quarter loss for the state-run oil company, PEMEX. Part of the reason for the huge financial loss at PEMEX was the fall in the value of the Mexican Peso. While PEMEX’s costs are…
MEXICO’S OIL INDUSTRY CONTINUES TO DISINTEGRATE: PEMEX Suffers $18 Billion Loss
