Mexican oil monopoly Pemex and Brazil’s Petrobras are about to form an alliance to help boost Mexico’s flagging output. Mexican President Felipe Calderon has already held talks with the Brazilian president and business executives over a deal with Petrobras, which has a high production rate.

Mexico’s Pemex has recently struggled with declining production and
shrinking reserves. Falling oil production poses a big threat to the
Mexican government’s finances, which rely on oil taxes to fund nearly
40 percent of the federal budget.

Source: Malaysian Sun

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