Pemex suffers crushing losses

Petroleos Mexicanos posted a $18.3 billion net loss for 2019 on Thursday, nearly doubling the previous year’s loss and dealing a major blow to the Mexican president’s quest to revive the heavily-indebted state oil company.

Pemex said it had racked up a $9 billion loss in the fourth quarter, or about half the year’s total losses, as it struggled to reverse a 15-year streak of declining crude output, Reuters reports.