Warning signs for Pemex



There are few things as sacred as oil in Mexico. Black gold was first struck under the country’s soil in 1901 by two American speculators; two decades later, Mexico was the world’s second largest oil producer. In 1938, a state-run company was formed to manage the new national treasure: Petroleos Mexicanos, better known as Pemex.

Nowadays some market professionals view the relationship between Pemex and its sovereign authority as one where the state of Mexico gives with one hand and takes away

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