Incoming Mexican president Claudia Sheinbaum and Pemex CEO Victor Rodriguez
Mexico’s new president faces fiscal crunch
While greater focus on decarbonisation is likely, economic pressures and huge debt burden could squeeze energy policy ambitions
Newly elected Mexican president Claudia Sheinbaum will take the reins of power at the start of October, and she already faces several fiscal challenges to her energy policy—including the highest public deficit since 1990 and sharply falling labour productivity. Last year, Mexico’s Secretariat of Energy (SENER) reported an overspend of 263% as the government prioritised domestic energy expenditure. Over the next five years, the Sheinbaum regime faces having to pay off almost $36b in debt maturities owed by state oil and gas firm Pemex. Containing the NOC’s huge debt pile has been a government priority since former president Enrique Pena Nieto exited the scene in 2018. Six years on, and while
Also in this section
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
21 January 2025
The new president must put his cards on the table and tell the American people, and the world, if the US is formally abandoning the energy transition
20 January 2025
Country offers to boost gas exports to Europe to 10bcm/yr, but serious questions remain
20 January 2025
The country’s oil and gas giant, KazMunayGas, is pushing ahead with a series of significant international partnerships
