{
  "id": 6853935,
  "title": "Higher Oil Prices Let Mexico Pull Back Billions in Pemex Support",
  "url": "https://urgent.news/2026/09/10/higher-oil-prices-let-mexico-pull-back-billions-in-pemex-support-6853935",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-10T22:00:00.000Z",
  "source": {
    "name": "Yahoo Finance",
    "slug": "yahoo-finance",
    "url": "https://finance.yahoo.com/energy/articles/higher-oil-prices-let-mexico-220000091.html"
  },
  "original_language": "en",
  "account": "Mexico's government is drastically reducing financial support for state-owned energy giant Pemex by up to 70% despite the oil and gas price rally. This follows expectations that Pemex will see a rare cash surplus of 95 billion pesos due to the surge in oil prices triggered by the U.S.-Israeli war against Iran. The Scheinbaum government allocated only 81 billion pesos, or $4.8 billion, for Pemex in the next year's budget, down from 243 billion pesos this year. This 70% reduction marks a shift as Mexico's energy major is now the most indebted company globally, with a debt load of $79 billion as of the first quarter of 2025, down from $105 billion earlier this year. However, boosting refining output and dealing with crude quality issues have proven challenging for Pemex. The previous government supported the company by making it a monopoly on the Mexican energy market, while the current government is opening up the industry to private players through mixed contracts. Despite higher oil prices, Pemex faced a loss of 45.99 billion pesos in the first quarter of 2025, the worst in two years, attributed to lower sales, higher costs, and increased depreciation. The company saw a profit in the second quarter but still lagged by 69.7% compared to the same period in 2025, indicating deeper-rooted issues. Mexico's energy giant remains dependent on government assistance, as Moody's predicts continued support from the government.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "OilPrice",
        "title": "Higher Oil Prices Let Mexico Pull Back Billions in Pemex Support",
        "url": "https://urgent.news/2026/09/10/higher-oil-prices-let-mexico-pull-back-billions-in-pemex-support",
        "published": "2026-09-10T22:00:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}