The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Mexican President Andres Manuel Lopez Obrador vowed to restore the national
oil company to its former glory. Instead, Petroleos Mexicanos is drowning in debt, its oil output is declining, and now it appears
to be losing fuel market share in its own backyard.
In the past 21 months of the Lopez Obrador administration, Pemex has lost roughly 13% of Mexico’s gasoline market
to private companies, compared with 4.5% in the previous 35 months since Mexico liberalised its fuels market, according government figures compiled by Bloomberg. His government is now seeking to dial back the reforms that have allowed the world’s biggest players to wrest business from Pemex.