The attentive reader might have come across numerous articles about Mexico’s numerous discoveries in the past months. Heavily indebted, mired in a myriad of corruption cases and facing the prospects of terminal (albeit gradual) output decline – Mexico in general and PEMEX in particular needs positive market stories that it can embrace as its narrative, a version of its future that does not necessarily mean to obsolescence. Yet upon closer inspection, much of the articulated narrative might seem rather counterintuitive. If anything, Mexico’s future seems to be tilting towards natural gas and light sweet crude, moreover, its future would be tangibly hit should foreign drillers be limited in their possibilities. The pre-election pledges of President Lopez Obrador to increase Mexican crude production to 2.6mbpd by 2024 have so far remained a pipe dream, seemingly everything contributed to the opposite recently. On the other hand, participating in the OPEC+ cuts […]