The majority of the world’s oil producers have been racing to heavily cut back spending and production in response to the oil market crisis, while Mexico’s national oil company, Petroleos Mexicanos (Pemex), has been acting like the crash never happened, vowing to nearly double drilling activity and, ironically, needing the intervention of Donald Trump to meet its assigned production cut of 400,000 bpd required by OPEC+. But in a true testament of just how brutal the oil price crash has been, Pemex has finally bowed to the pressure and joined its Latin American peers Brazil’s Petróleo Brasileiro SA (Petrobras) and Colombia’s state firm Ecopetrol SA to trim their 2020 capex by 30%, according to a new Moody’s report via Natural Gas Intelligence. Big-spending Pemex is set to cut its 2020 capital expenditure by ~$2B, or 20% of its planned capex of $10B with Petrobras lowering spending by $3B while […]