Pemex Is Turning Into One of the Mexican Government’s Heaviest Financial Burdens

Throughout its history, the national oil company had consistently been the single largest source of government revenues. — Throughout its history, the national oil company had consistently been the single largest source of government revenues.Photographer: Mauricio Palos/Bloomberg

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By Scott Squires

September 30, 2025 at 11:30 AM UTC

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Mexican oil giant Petroleos Mexicanos has gone from the nation’s golden goose to a major albatross.