Debt Stricken Mexican Oil Major Pemex Scrambles To Boost Production

After decreasing production to match lower demand in 2020, Mexico plans to boost oil exports  in 2021 as worldwide demand gradually increases once again. OPEC members heavily reduced oil production and export levels in 2020 amid a precipitous drop in demand. Although Mexico initially supported this initiative to stabilise pricing, the head of state-owned Mexico’s Petroleos Mexicanos (Pemex) announced this week that production would pick up to pre-reduction levels this year.  Ulises Hernandez, general director of PMI – which…