Petroleos Mexicanos has been in an unrelenting downward spiral for decades. Pemex, Mexico’s state-owned oil company, has seen a vast and speedy decline of its production rates for the last 15 years, and at times it has vied for position as the most indebted oil company in the world, with “about $105 billion of bonds and loans outstanding,” according to the Wall Street Journal , a figure that has almost certainly grown since that figure was released last year. Leftist Mexican President Andrés Manuel López Obrador, who won the 2018 presidential election in a landslide, used his planned improvements for Pemex as a central part of his platform. He promised to revive the ailing production numbers, crack down on the company’s rampant corruption scandals, and put an end to Mexico’s brazen and voluminous fuel theft . So far, many of those strategies have backfired. President López Obrador’s flagship Pemex […]