Puerto Vallarta News

Puerto Vallarta News

oil exploration mexico

Mexico Defers oil exploration to slash spending

The state-run oil company, Petroleos Mexicanos, said Monday it will slash spending 22 percent and cut unprofitable production about 100,000 barrels a day as it struggles with liquidity problems and past-due payments to suppliers. The company, known as Pemex, said it will cut $5.5…

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