*Mexico’s state-run oil company Pemex has released new figures which show the company made a net profit of M$4.7bn (US$273.4m) in the first quarter of 2024, down from a profit of M$57bn in the same period of 2023 and a profit of M$106.9bn in the previous quarter. In the first quarter of 2024, crude and condensate production stood at 1.82m barrels per day (bpd), down from 1.87m in the same period of last year. The company’s debt burden stood at US$101.5bn as of 31 March. While this is down US$4.6bn on debt registered on 31 December 2023, Pemex remains the world’s most indebted oil company. Addressing Pemex’s financial difficulties will be a major challenger for President Andrés Manuel López Obrador’s successor.
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