Save for later Print Download Share LinkedIn Twitter Pemex may be starting to realize that it can’t do everything. In its 2021-25 business plan published this week, the Mexican state oil company acknowledged that oil demand uncertainty, price volatility and financial constraints have forced changes to its prior strategy, which aimed to chase higher output at any cost. Pemex has not abandoned its role as the protagonist of Mexico's energy sector and the agent of the nation's energy sovereignty, and continues to pursue the Dos Bocas refinery at full tilt despite creeping project costs. But the company has softened its production growth ambitions and may be inching toward more selectivity on upstream projects, changes it says are necessary given the business environment. Production Pullback
