Energy Advisor

Duncan Wood, senior advisor to the Mexico Institute at the Woodrow Wilson International Center for Scholars: “As the world’s most indebted oil company, Pemex has been struggling for many years. Whereas the Peña Nieto administration offered joint ventures and competition with the private sector as a solution, the López Obrador government has focused on sinking tens of billions of dollars of new cash into the company. Neither strategy has worked. During this election year, AMLO is set on spending much more across the federal budget to ‘prime the pump’ of the economy. However, it is far from certain that Mexico’s next president will continue to fund Pemex’s inefficiencies. Claudia Sheinbaum, although ideologically aligned with AMLO and recognizing the political importance of Pemex, does not share his obsession with the national oil company. Xóchitl Gálvez has spoken at length about the fact that the company is a money pit and that the funds could be better spent on…”