The enormous debt of Mexico’s state oil firm Pemex has not increased since the new administration took office in December 2018, and will not increase in the future, Mexican President Andrés Manuel López Obrador said on Friday. “The debt hasn’t grown during our time, and it’s not going to grow,” Reuters quoted López Obrador as saying at a press conference. The Mexican state oil firm has a total of US$106 billion in financial debt, which makes it the world’s most indebted oil company. Left-wing President López Obrador—in office since December 1— wants a greater role for Pemex in reversing the downward trend in Mexican oil production. Pemex’s crude oil production has declined in recent years—according to Pemex figures , its crude oil production averaged 1.813 million bpd in 2018. To compare, Pemex’s crude oil production averaged 2.429 million bpd in 2014, falling to 1.948 million bpd in 2017. Apart […]