As Petroleos Mexicanos seeks investment from outside Mexico, it’s losing some support from the government. President Enrique Pena Nieto announced Tuesday that Mexico’s budget proposal would include 293 billion pesos ($17 billion) for Pemex investment in 2016, down from 366 billion pesos this year and the lowest amount allocated to the world’s ninth-largest crude producer since 2007. As the Mexican state-owned oil producer heads for an 11th straight year of production declines, it now faces a 20 percent cut in its budget for investments in oil fields next year. That puts further pressure on Pemex, which has lost money 11 quarters in a row, as foreign firms line up to bid for the right to drill in Mexican territory. With the goal of boosting supply, the company has no plans to pump less to support prices, Finance Minister Luis Videgaray said Tuesday. The reduction of the company’s investment, which […]