Peak Oil News: Pemex problems deeper than management

Wednesday, November 03, 2004

Pemex problems deeper than management

The United States imports about 15 percent of its oil from Mexico. Pemex sells more debt than any other oil company, with about $37 billion in bonds held by investors around the globe.

Despite being one of the world's biggest producers, Pemex's reserves have been falling for 22 years. At current depletion rates, Mexico may have to start importing oil in a little more than decade.


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