The crisis at Mexico’s state-owned oil company Pemex is the country’s biggest problem, according to tycoon Carlos Slim Helú, 86, Mexico’s richest man, whose fortune is estimated at around 125 billion dollars.
Pemex is going through a deep crisis, marked by falling output, a lack of investment and debt of around 85 billion dollars (about 73 billion euros).
Pemex ended 2025 with losses of roughly 2.5 billion dollars (2.148 billion euros), while the government is investing in its bailout with aggressive financial support.
Slim’s annual press conference
The owner of América Móvil, Latin America’s largest mobile operator, holds a press conference every year at which he addresses a range of issues. On this occasion, he praised the economic management of President Claudia Sheinbaum and criticised Moody’s decision to downgrade Mexico’s sovereign debt rating.
Slim also announced investments of around 5 billion dollars (4.3 billion euros) for this year, without giving details. He argues that Pemex’s priority should be to increase oil production, which he considers insufficient, and said new public and private investment could lift output by about 800,000 barrels a day.