Mexican state oil company Pemex expects its top-selling Maya heavy crude oil to fall as low as $19 per barrel by the end of March, an internal document seen by Reuters shows, further complicating its efforts to stem a decade-long output slump. The possibility that Pemex’s main export grade could dip below $20 per barrel comes as the ailing company plans another round of steep budget cuts which the new CEO has been tasked with implementing. Further pressure on its declining revenue from even lower prices would hamper Pemex’s ability to compete with private sector rivals, who are entering the Mexican oil patch for the first time in decades after a major sector overhaul. Pemex has posted a dozen consecutive quarterly losses, including a record $10 billion loss in the third quarter of […]