The Mexican government may need to effect changes in the country’s constitution to strengthen its control of state oil giant Pemex, President Andres Manuel Lopez Obrador said in a memo cited by Bloomberg. “We must advance to the limit permitted by the current legal framework. However, if in order to apply the new rescue policy to Pemex and CFE we need to propose a new energy reform, we don’t rule out that possibility,” Lopez Obrador wrote in the memo. Obrador came to power with a pledge to, among other things, restore state control over Mexico’s energy industry, which effectively came down to a reversal of the energy reform the previous government, led by Enrique Pena-Nieto, which dismantled Pemex’s monopoly of the local energy market and encouraged foreign oil and gas companies to develop Mexico’s resources. After Obrador won the elections, he suspended new oil bloc auctions to review the […]