Mexico Cuts Pemex Aid by 70% as War-Fueled Oil Rally Boosts State Energy Firm

Mexico's government will reduce financial support for state energy firm Pemex by up to 70%, anticipating a rare cash surplus of around $5.63 billion (95 billion pesos). This decision stems from expectations that Pemex will benefit significantly from the ongoing oil and gas price rally. The rally is attributed to the U.S. and Israeli conflict against Iran, which has sharply increased global crude prices. Sustained high oil prices due to geopolitical tensions could bolster Pakistan's import bill pressure, potentially impacting USD/PKR and increasing safe-haven demand for gold.

بحوالہ / Source: oilprice.com