Pemex, Mexico's National Oil Company, Struggles with Debt

Mexico's national oil company, Pemex, is facing significant financial challenges, with a debt totaling over $100 billion, equivalent to 8% of Mexico's GDP. While its exploration and production arm remains profitable, other areas like refining operations have caused losses. Pemex relies on government bailouts to meet its debt obligations, but the sustainability of this approach is uncertain. Previous administrations have attempted to address the issue with mixed success. The current government under President López Obrador aims to restore Pemex's former glory but faces skepticism about its long-term effectiveness.